| Author | Topic |
anisac
USA
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 Topic initiated on Saturday, November 21, 2009 - 5:08 AM 
The paying of interest
Asalaamu Alaikum,
How does one deal with paying for college if no one else can loan you the money but the bank? Who are the biggest chargers of interest. What if the bank is the only one who will and can loan you the money.
Shrukan |
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ibrahim
Moderator
PAKISTAN
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Posted - Monday, November 23, 2009 - 7:52 AM 
Wa Alaikum us Salaam Dear sister in Islam
Pl note one thing here very carefuly. In the Islamic Shari'ah the Haram thing is only taking/using Interest not paying interest. Therefore, in your case you are taking a loan on which you'll be going to pay Interest. Thus you can do so without doing any obectionable thing of breaking any Islamic Law.
You cannot only take this loan on Interest from Bank but you can have it from any one else too.
I hope that matter is clearer to you know.
Regards |
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anisac
USA
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Posted - Tuesday, December 1, 2009 - 1:20 AM
Asalaamu Alaikum
Shrukan for responding. I am understanding some of what you are saying but I still have questions. You see I have been reading different explanations on interest on which I did not comprehend anything yet but I will reread it again, on top of everyone's opinion of interest. Can you recommend some books or links, hadiths to clarify this subject some more. You see I am confuse about the using interest. My guess is that if you have a savings account that is recieving $4.5%percent interest than you should reject this type of interest and use only what you have saved. Now the second thing I am confused about is that if you don't have the money to pay for your own school, house , or business that you should not borrow the money that you already don't have plus add to it with interest to increase your no money situation. Then I was led to believe that we should just not be involved with anyone, period, who charges interest except for renting a place or (some excused or others don't on) purchasing only one home. I am surrounded by people who believe all of this so I need resources to convince myself and perhaps others that we have misunderstood something. Please don't get frustated with me and guide me with this. This is such a big confusing issue. By the way I own a home and we borrowed from Guidance which is supposed to be islamic financing? Please I need more economic lessons on according to the Shariah law. Please pray for my understanding. I am going to reread this class again and do more research and this time persevere on getting an understanding on this subject once and for all. |
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anisac
USA
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Posted - Tuesday, December 1, 2009 - 1:27 AM
Asalaam Alaikum,
I have just realize that there are articles on this subject. InshaAllah, I will find my answers. If not I will write again. If you still can recommend other readings, I will apprecaite it.
Shrukan |
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ibrahim
Moderator
PAKISTAN
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Posted - Saturday, December 5, 2009 - 11:17 AM
wa alaykum us salam
pl note that only recieving/taking/using interest is made Haram by the Sharee'ah where as paying it is not. So pl keep this key point in your mind while studying the material. In sha Allah your confusion will be solved very soon.
for more reading pl use this link:
http://www.monthly-renaissance.com/issue/topics.aspx?option=articles&;id=4
Thanks & regards |
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