Are career development loans halal?

Assalamu alaikum dear repect Ulema,

I would like to know if career development loans are halal.

I have given a link to a site explaining the loans.

http://www.lifelonglearning.co.uk/cdl/

JazakAllah

Answer
Wa Alaikum Salam,

The CDL mentioned in the above question and that described in the link is not permissible.

The DfES pays the interest on your loan while you?re learning and for up to one month afterwards. You then repay the loan to the bank over an agreed period at a fixed rate of interest.

Due to the return of this loan evolving around interest, it is Haraam.

And Allah knows best.

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Maulana Muhammad

Original Source Link

This answer was collected from MuftiSays.com, based in London (UK). It is one of the fruits of Darul Uloom London. Many ‘ulama are involved in answering the Q&A on the site, including: Shaikul Hadeeth Mufti Umar Farooq Sahib, Mufti Saifur Rahman Sahib, Mufti Abdullah Patel Sahib, Maulana Qamruz Zaman Sahib, Mufti Abu Bakr Karolia Sahib.

Tags: Bank, haraam, Interest, loan

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