Question: Muslim student loans in the usa?

(Posted by: Jayme D on 2010-04-24 06:46:14)

I don't think I will get many replies to this, but I thought I'd try. As many of you know, charging interest is considered Haram in Islam. "Haram " means "forbidden ". In many countries, including some countries in the "West " banks have devised so called "Muslim loans " for their customers who wish to be adherent to Shariah Law. But I don't know of any who cater to Muslims in the USA. HSBC offers these services in other countries, but not in their US branches. I have been in college for a long time, because I can only take the amount of courses that I can afford to pay for upfront. I am about to graduate with my bachelours degree, but when I go to get my Master's degree I will need to know about Muslim loans/ interest free loans.

Posted by: The Eagle Keeper on 2010-04-24, 06:49:06

Because in the U.S. it's not against the law to charge interest. If they started to give loans specific to one religion, then they would have to do the same for all irregardless. There is no profit in not charging interest for loans. There would be no banks under this structure if they didn't charge interest.

Posted by: THE DELETER on 2010-04-24, 07:17:25

There are many banks in the US that offer Muslim loans. @Eagle: Banks just charge a fee, the rates are the same as the regular banks. (Different in name only) hilalplaza.com/ islamic-finance/ islamic-loans.html Somber 123

Posted by: Bawan on 2010-04-24, 11:44:38

The questioner is not asking about bank loans, but student loans for those in college. In America, loans are not given without interest and there are no exceptions because that would be unfair to the millions of students.

Posted by: Ummer Farooq on 2010-04-24, 12:56:12

Do work, and do professional courses. Get loans from muslims directly.