assalaamualaikum, I am a student studying my undergraduate in bangalore.i want to go to england to persue my further studies.i am not in a position to pay the whole fees.so i wanted to take educational loan which charges me an interest of 6%-12%.i dont have any knowledge of interest free loans.is it ok to take loan.i am in need of money as i cant afford the fees.please guide me.im confused.please reply in detail.thank you.
Answer:
(Fatwa: 1642/1561=D/1429)
It is haram to take and give interest. One will has to give interest by taking the above-mentioned educational loan; therefore one should avoid it as much as possible.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband