Students loans : student loan before reverting to Islam

Fatawa Question

Assalamu Alaikum~Questions about the permissibility of taking student loans with interest have been asked many times. This assumes that the student loan has not already been taken. In my case, I reverted to Islam well into my college career, after I had already borrowed thousands in Riba-based loans. I once got into a disagreement with another sister who, in the same predicament, only had intentions to pay the principle amount and then default. I disagreed because while we are not supposed to deal with Riba at all, we are also supposed to fulfill all contracts. The fact that we accepted a Riba-based student loan in our Jahili existence does not justify defaulting now that we are Muslims... A Muslim keeps his / her word. I figure by common sense to pay what I promised to pay, asking Allah to understand my intention in participating in Riba for the sake of honoring my word, and from then on not to knowingly and deliberately deal with Riba anymore. So my question to you regards which principle prevails in this case-fulfilling our contracts or refusing payment of Riba and defaulting our contracts ? Thank

Fatwa

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Publication Date

2002-09-30

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Education
• Students
• Loans
• Usury

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-725760

• APA
• MLA
• AMA