Posts Tagged business

How do I pay off my Student Loan? It seems impossible!

Part 1 |  Part 2

So now what? We have just learned that delaying your HECs payments can incur riba (even more for those who already have one) but the question remains. How can we do this? How can we implement this ruling? This article is going to all about practicality, bithnillah.

First of all, we must change our mindset. Once we say that we can’t do something then automatically our minds shut down and no longer wishes to explore the possibilities.

Therefore, I request that before you begin reading this article, you say out loud to yourself (or in your head, if there are people around you :P)

“I will pay off all my HECs debt inshaAllah”

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Predicament of HECs Loans: Interest or Not?

Part 1  |  Part 2

Alhamdulilah, I have been blessed to be amongst those who were given the opportunity to attend the AlKauthar, Real Deal Course: Fiqh of Business Transactions by Shaykh Tawfique Chowdhury recently. In this course, the haram behind many of our day to day transactions were exposed but one of the issues that really intrigued me was that of HECs (University Student Loans). It is because it affects many of us today but unfortunately there seems to be very little information available on this topic.

In this two part series, I hope to address this issue and clear up the ambiguity surrounding it, insha Allah. I have structured this article in a way that the reader can go through all the basics first in order to give them a clear understanding on how the ruling is derived.

A term that I will be using throughout this post is the term ‘riba’ – meaning interest.

In the Name of Allah, Most Merciful, Most Gracious

Islam is the religion of knowledge therefore it is no surprise that the first aayah of the Qur’aan to be revealed enjoined reading- the key to knowledge. Allaah says:

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