Riba on Education Loan
  • Question:

    I have taken an education loan for my studies and I have to repay it with certain interest rate. Based on one hadith , I came to know Allah(SWT) cursed those who are connected to riba. While taking the loan, I did not think too much about this and as to help my father financially, I promised him I will repay the loan after employed. Please advise.

    Assalamu Alaikum wa rahmatullahi wa Barakatuh

    Thank you for your question. May Allah shower his mercy on you tremendously and facilitate quick repayment of the loan.

    Interest is indeed prohibited in Islam.

    In your dilemma, I suggest you find a job and work hard to earn the money to repay the loan as quickly as possible. If you are making interest payments, you need to ask Allah Almighty for forgiveness and repay the loan at your earliest. If you have family or friends who may be able to assist, due seek their help. '

    Constantly pray to Allah and be punctual with your religious duties. Insha Allah, Allah will open the doors of relief and comfort.

    And Allah knows best.

    Answered by Shaykh Yusuf Badat
    Hadith of the Day Imam
    Imam of the Islamic Foundation of Toronto and Director of Mathabah Institute
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