Linked below is an extensive explanation of the impermissibility of interest-based student loans for Muslims.
The most interesting part of the article is its completely false explanation of interest:
When a lender demands more from the borrower than what was borrowed, the difference in what is lent and repaid is known as the interest. This is essentially the amount that is paid for the use of money lent or even for delaying debt repayment.
This implies that loans, particularly Shariah loans, which do not involve interest, do not charge borrowers.
That is completely false and this type of misleading explanation is common in the UK, where Shariah-compliant loans are still often advertised as “interest free.”
Interest free does NOT mean FREE money and just because a loan doesn’t charge interest doesn’t mean that the lender is giving away money without charging for it.
Shariah-compliant loans do involve charges and fees which, by the way, often add up to a greater expense than conventional loans that do charge interest.
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