Sharia-Friendly Student Loans Coming To A College Near You
September 11, 2014 8:06am PST
Apparently, a large number of British Muslims have been putting off college because they don’t have the financial means to pay for it. Taking out a student loan is out of the question for a Muslin student, because it conflicts with Sharia Law, like so many other aspects of Western culture.
Banking is much different if you’re a Muslim. The religion prohibits you from earning interest in addition to taking out any kind of loan at all. In response to these standards under Sharia Law, Muslims have developed their own system of banking and even their very own banks. They’re cropping up all over Britain, where the government has welcomed droves of Muslims.
Before, if you were Muslim and didn’t have the dough to go to college, apparently, you were stuck flipping burgers for the rest of your life, unless you wanted to take out a student loan and risk loosing your 72 virgins. Now, Muslim financial experts have come up with a way to loan Muslim students money for college without actually loaning them money. Sound bogus? It is.
There are many different interpretations of Sharia Law, because it is not an actual code of conduct which has been documented. In actuality, it is a culmination of rules based on the Qur’an, Hadith and centuries of debate, interpretation and precedent. To comply with Sharia Law, a loan must be free from fees and profit. Basically, Muslims are prohibited from taking out a student loan in Britain because they accrue interest equal to the rate of inflation.
One Muslim student remarked:
“Students, including myself, chose to stay at home through their higher education in order to take only the minimal loan necessary to avoid extra interest. Most significantly in my opinion, this seriously limits the options of universities that they can apply to as they can only apply to ones within a reasonable commutable distance. This might mean that they miss out on courses only available at specific universities, or miss out on applying for the best universities for their course of interest. This can hinder these students from the best career for themselves that they could possibly have achieved otherwise.”
Soon, Muslim students won’t have to worry about all that, because the British government has been working with Muslim financial experts, who are well-versed in Sharia-compliant banking, to come up with a system that accommodates Muslim students and is also fair to students from other backgrounds. Following a four-month consultation, the UK’s Department for Business Innovation & Skills (BIS) has devised a plan for Muslim students to pay a “donation” into a pool system instead of paying interest.
A UK government spokesperson commented:
“Making higher education more accessible to all is part of government’s long-term economic plan to boost skills and strengthen growth. The overwhelming response to our consultation has shown the strong demand for a Sharia-compliant alternative finance model for student loans that everyone can access. We support this idea and will now work towards its development.”
Britain’s new student loan system for Muslims is costing tax-payers huge amounts of money to implement, yet it is really not much different from their old system. Many argue that if Muslims choose to join a Western country and reap the benefits of living in such a nation, like Britain or America, those same Muslims should assimilate to the culture, instead of forcing that established culture to change for them.
This report of the British government going out of their way to accommodate Muslims is not shocking, considering the fact that the UK has made itself a safe haven for Muslims. Do you think the British government has gone overboard at this point? Sound off in the comments section!
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