Sharia Student Loans?

Posted: May 24, 2014 in Debt, Islamic Finance
Tags: , , , , , ,

The innovation (bida) of Islamic Financial Products continues apace. Next in line could potentially be sharia compliant student finance…how exactly these will be structured is still up for question, however the main point here is that it will give the industry another opportunity to confuse the issue and to pull the wool over the eyes of another core segment of the muslim demographic – students.

Islam 21c’s Sheikh Haitham Al-Haddad, shows he, and many of his peers, only serve to assist the distorted understanding of ‘interest free money’ by calling for community members to show their support for this government initiative. He would do well to acquaint himself fully with the  fiqh on fiat money and on riba itself, something one would assume a Sheikh of his stature would be familiar with. Perhaps he would like to become a Scholar for Dollars one day…

I would personally suggest he begin some serious dialogue with the likes of Shaykh Umar Vadillo, Tarek El Diwany and/or Dr Mustafa Ali of the Bandung2 movement.

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