A universal problem facing college students is the high cost of tuition and expenses. Enter a solution which many have tried– student loans (yes, with interest). Vice News makes the point that “according to some scholarly interpretations of the Quran, Islam forbids taking on or giving out loans with interest. That often leaves Muslim-Americans determined to pursue undergrad or graduate degrees torn between the pursuit of the American dream on one hand, and community, religious, and family tradition on the other.”
“I feel like if there is a way to avoid interest, then take that route, even if it means a few years lost to save up,” says Ahsana Islam, 22, a recent college graduate from Bridgeview, Illinois, who is thinking about graduate school. “It’s a thought in the back of my head, that I need to save what I can and actively search for scholarship opportunities. Is your career worth a spot in hell? That is what keeps resonating with me.”
A Continuous Charity (ACC) is said to be the only advocacy group that promises to help Muslims secure interest-free loans while working within the system. “We developed ACC as a long-term solution for our community because of the prohibition of interest in our faith,” says Athar Haq, founder and president of ACC. “ACC’s model or something similar can be used to free the general population from interest. We believe that other organizations and ultimately the government can adopt such a system.”
Mr. Haq makes the point that inerest-free loans could benefit every type of student, regardless of religious affiliation. Islamic scholar Shaykh Mohammed Amin Kholwadia says that the issue isn’t always about money. “It is about the willingness of these institutions wanting to make accommodations for those who are not keen on taking out interest-based loans.”
