Students

Funding for Muslim students


Muslim students will need to carefully consider the options available for funding their studies as under Islamic Sharia law the paying and receiving of interest is prohibited, the term given to this is 'Riba'. 

There is divided opinion amongst Islamic scholars regarding whether the interest paid on a student loan is considered as Riba as this is inflation-only interest and the government is not making a profit from this. 

Please refer to the following links for more information regarding the definition of Riba and the various viewpoints regarding student finance:

http://www.islamic-bank.com/sharia-finance/

http://news.bbc.co.uk/1/hi/business/8401421.stm

There are banks that offer financial services that are considered Sharia compliant.

Islamic Bank of Britain 

HSBC offer an Amanah Account

Lloyds TSB offer an Islamic Account