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Student loans based on interest
QUESTION
Assalamalaykum. I am worried about the student loans finances as they are riba based. However it was heartening to see that something may be done about this. The UK gov is proposing a sharia compliant alternative which if agreed would make it easier for conscientious Muslims to access higher education. However the proposal is at the draft stage. A survey is being undertaken to gauge the level of interest in this from Muslims. Could you please look through this and let me know if it is sharia compliant. This needs to be done quickly as there is a time limit on the survey and ic you ok it then I will send it as many people az I know to generate a high response rate. Here is the link to the survey https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/299124/bis-13-1311-consultation-on-a-sharia-compliant-alternative-finance-product.pdf
ANSWER
In the scenario described, an answer can only be given regarding the
shariah compliance or otherwise of any given product, once the terms and
conditions of the contract are made available.
Answered by FCB Fatwa Department