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Student Loan to Cover Credit Card Bills?

Answered as per Hanafi Fiqh by Qibla.com

Answered by Shaykh Faraz Rabbani

If an institute like a university offers students loans while they attend school, and will not charge interest until after 6 months of graduation, is it ok to take the money. Reason why I ask this is my friend has major credit bills and they are being charged interest, and I wanted to give them the loan money so they don’t have to pay interest.

Answer:
In the Name of Allah, Most Gracious, Most Merciful

Walaikum assalam,

In the given case, it would be permissible to take out the loan only if:

1. You are determined to pay it back before any interest accrues on it;

2. You are sure that you will have the financial means to pay it back before the interest accrues on it.

And Allah knows best.

Wassalam,

Faraz Rabbani

This answer was indexed from Qibla.com, which used to have a repository of Islamic Q&A answered by various scholars. The website is no longer in existence. It has now been transformed into a learning portal with paid Islamic course offering under the brand of Kiflayn.

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