Is It Permissible To Receive an Interest-Bearing Loan?
Question: Is it permissible to receive an interest-bearing loan?
Answer:
Dear questioner,
It would be impermissible for you to take out this interest-bearing loan to pay for your master’s degree.
The pursuit of higher knowledge is always beneficial, but it should never come at the expense of displeasing our Creator.
The Messenger of Allah (Allah bless him and grant him peace) cursed those who take an interest, those who give it, those who document the transaction, and those who act as witnesses to it. He said, ”They are all the same.” [Muslim]
Consider the following options:
- Delay pursuing the master’s degree until you have saved up enough funds to pay for it.
- Take only a few classes at a time and finish the degree without having to take a loan, even if it means that the process will be longer.
- Take a loan from friends, family, or a source that offers non-interest-bearing loans.
Know that not doing something in order to please Allah, Most High will always be the right choice, in this world and the hereafter.
Please see: Reason Interest is Haram
May Allah, Most High increase all of us in love for him and his Messenger Muhammad (Allah bless him and give him peace).
And Allah knows best,
[Ustadh] Omar Popal
Checked and Approved by Shaykh Faraz Rabbani
