6 HALAL Alternatives to Student Loans

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Muslim students are stuck and feel compelled to take a HARAM student loan in order to go to university. While a halal student finance alternative is coming to the UK in a few years, students everywhere else as well as UK students who plan to go to university in the next couple of years don't have this option. So we've come up with a few potential solutions that can help them out.
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About us
We're Ibrahim & Mohsin - ex-city lawyers and authors of "Halal Investing for Beginners". We've been studying investments and the traditional Islamic sciences for 13+ years. Over the year we've been published by the Financial Times, the World Economic Forum, Foreign Policy etc.
Today we run a sharia-compliant wealth management platform that manages over $35m in assets. We make videos about investment, personal finance, careers, and entrepreneurship.
We do this to make downtrodden communities better-off. To take people of colour, Muslims, and minorities from being among the poorest in society to the richest.
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Remember, with investing, your capital is at risk. This is not financial advice. If in doubt, always talk to a financial advisor.
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TIMESTAMPS
00:00 - Context
00:28 - Who are we?
00:59 - Somethings to think about
02:42 - Option 1
04:19 - Option 2
05:14 - Option 3
06:09 - Option 4
07:05 - Option 5
07:57 - Option 6
08:49 - Final thoughts
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#studentfinance #studentloans #halal #muslimpodcast #halalincome #halal #islamicfinance #ifg #studentloandebt #university #careeradvice #financialplanning #financialadvice #debt #debtfree #debtfreecommunity

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3 июл 2024

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Комментарии : 41

@Mmh502 8 месяцев назад

Alhamdulliah I started my first year of uni and I’m funding most of the 9k myself as I worked in summer and still work 20-25hrs a week alongside uni which comes to show that it is totally possible to do, but most people’s minds are just lazy. “He who says he can and he who says he can’t are both usually right”

@laylabegum9304 8 месяцев назад

So proud of your proactive approach as a student. MashaAllah.

@thebajancambrian2141 3 месяца назад

That works for regular degrees but not for advanced degrees that will cost alot of money. Saying people are "lazy" coming rom a guy who was privileged enough to have loans from his parents. 👀

@hafsaguled3341 3 месяца назад

How much do you get paid an hour to do that? Pls tell me as I’m trying to find a way to pay it off myself

@Darwin-santos Месяц назад

@@thebajancambrian2141yeah , going to med school would require 100% of your time

@ism94786 8 месяцев назад

Important advice. We need to challenge the normalisation of student debt.

@_meeexx 3 месяца назад

i feel like i’m going mad by the amount of pressure i have on myslef. i’ve to start uni in september but i can’t take student loan either because it’s haram. my parents are trying to force me to take it as they believe the circumstances make it permissible. everyone around me is also telling me to take the loan. but i don’t want to upset God and face the consequences later. my whole life i’ve been studying so hard and now when it time to go uni it’s become difficult.

@hafsaguled3341 3 месяца назад

Here’s my advice pls don’t take it. It rlly changes your life islamically. Your heart won’t be the same. You’ll always be worried. The effects just don’t go away. I would say get a job now and save up. Uni usually takes money in instalments e.g. £2500 first semester so if you can save money from April to September that would be great! Get into tutoring, there are online tutoring jobs available which pay around £20/h. Try and find some high street ones in your local area. Point is go crazy with the work hours so you save loads of money. And try to get your parents to help you as well. And most importantly, make dua. It’s Ramadan and it’s the last 10 nights. Ask Allah to provide for you and to help you find halal means to fund your education. Don’t give up on him, go delusional with your duas as he can ultimately make even the impossible things possible. May Allah make it easy on us ameen 🤍

@MM71017 2 месяца назад

What did you do brother? salam

@idontknow1630 2 месяца назад

this is literally my situation as well. student finance applications have started now and im delaying it just incase I find any alternatives. I'm frantically searching online for alternatives but i can't find anything. I was working but I had to stop because of a levels, it was just getting too much. insha allah im planning to start tutoring in the summer, just don't know how im going to earn 9 grand in 2-3 months

@naimaahmed5260 Месяц назад

May Allah help you through this tough times, I’m currently in ur shoes. I really wanted to uni so bad but after knowing about the loan and Riba i knew i could die any moment and i could never risk it. However my family have been pressuring me to go uni and take the loan i didn’t it’s been two years I’m still searching for other alternatives. My friends are on their second year of uni and i get the disappointing looks but Alhamdulilah I’m never giving in to the pressure because i know i will die alone and only me will be put in the grave i would rather please Allah. Please pray tahajud and keep searching for alternatives. Ps: I’ve been working to save up.

@MM71017 Месяц назад

@@naimaahmed5260 what did you do instead sister ?

@atiqurrahman7260 6 месяцев назад

In UK if you want to be a software engineer, you need the degree unfortunately. I am a software engineer so I can tell you how really things are. Without a degree, you will not pass even the HR screening. So your cv will never come to us even for any consideration. May Allah make it easy.

@munirvorajee7823 8 месяцев назад

JazaakAllah Khair for this. For years I have had to defend the truth that student loans as they are and non permissible. And my kids thankfully did not go university simply on that basis - as well as the debt of course! But being surrounded by cousins who have and whose parents give little thought apart from my son and daughter have degrees and suited careers whilst yours have jobs!!! Alhamdullilah we fought the ego

@user-yf5je1dn1q 8 месяцев назад

Well done for remaining steadfast. May Allah keep you and your children steadfast forever. May He guide us all

@Musa-vh8ps 8 месяцев назад

Muslim organisations/companies should also look into offering apprenticeships themselves. Would be great if IFG or someone can look into this and share it with the community. This could be huge for the Muslim community especially if we can take advantage of the degree apprenticeships.

@yousfaddi Месяц назад

Jazak Allah Khayran brother, it's really important subject and a s a Muslim community in the UK brushed the student loan under the carpet. Your video is excellent , keep it up. May Allah accept your deed and reward you with Jenat Alferdus.

@haiatbekhit7893 Месяц назад

Wow mashallah allahuma barik.The impact that you have potentially made is incredible.May Allah reward you Ameen

@omarelmady 8 месяцев назад

MashaAllah Barakallahu Feekum

@abelievereverrising283 8 месяцев назад

I'm glad you mentioned that the student loan is pegged onto the RPI (inflation rate) now. And the other options you listed were also good. I must say that as someone who applied to degree apprenticeships every night during sixth form. And coming from a Grammar school with top grades (no boast) and magic circle work experience. It's not a piece of cake. Neither is getting even a sales assistant job by any chance. Don't let that stop you guys from applying though. There is a lot of benefit in just going through the application processes. May Allah make it easy.

@tasniaahmed2748 8 месяцев назад

How did the person you speak of come up with the idea of selling outsourced IT solutions?

@Z901Z 8 месяцев назад

Its a shame we can only fight and avoid haram when it comes to money to a certain level. For example, the taxes we pay go towards funding military hardware/equipment used in negative circumstances. Not many muslims realise this or just see this as 'unavoidable'. But is it really? Are we striving enough to try and avoid this? What can we do IFG? A video on this would be good...or maybe too big a topic?....

@asmamohammed5659 6 месяцев назад

i recently started Oxford Brookes university but am currently struggling financially. i am an older student 22 and looking for halal ways of getting income. Ya allah please accept my duas. Am studying Cyber security and jobs are at the end of the degree.

@azemosis 8 месяцев назад

I’m surprised you didn’t mention about studying abroad

@mohamedal6974 21 день назад

It was my mistake that I was expecting this video to provide concrete solutions and name of organizations who can really support

@MohammedH-pu6oh 3 месяца назад

I want to get into teaching so I can land a job in the Middle East. But I don’t want to take a loan that’s haram

@123sumom 5 месяцев назад

Is bankruptcies islamic halal? Under uk law if you cannot repay your consumer debt like bank loans, after death it's written off please share your islamic view on this topic.

@SohaibAshraf 8 месяцев назад

Move up the road to Scotland 🤝

@munirvorajee7823 7 месяцев назад

For those born in Scotland not just moving to Scotland

@Musa-vh8ps 8 месяцев назад

Would be great if everyone can provide further tips/scenarios of halal alternatives in the comments so the Muslim community can benefit

@Altcoins_Mart 8 месяцев назад

How can I get access for cash halal

@sheikh1325 3 месяца назад

As Salaamualikum brother, appreciate your and your teams hardwork ,..i just want to bring few things in your notice,...all the Western countries and their individuals(Citizen,Immigrants and Refugees), have thousands of options to earn, work and pay for their education or there is alternate education option available,..Now let us talk fact, if you really intend to help your Muslim brother and sisters who are actually from 3rd World country, where Muslims are drop out from 6th grade onward...due to the financial issue(they have to earn their and their families living)...non of the mentioned alternatives of loan works in(India,Pakistan,Bangladesh or Srilanka)....either you be specific that your videos are for White or Western Muslims,..it will be helpful with such kind of transparency,... Non of the Muslim Aid helps outside of UK,US or Canada...which is Sad.... May Allah swt bless you(Apology for hard words)

@BroSefat06 8 месяцев назад

Don't forget you get paid to learn with degree apprenticeship

@abibane6514 8 месяцев назад

Assalamualaikum warahmatullahi wabarakatuh Okay so I wanted to know if swing trading stocks is haram or halal Many RU-vid videos said it is halal and the choice of companies depends on certain criterias one of them being 30% or 33% comes from the scholars just to make an exception to accomodate with the current situation of the world finance, The thresholds and calculations differs depending on which Shariah body you use, no explanation in the Quran. 3 things to consider : Interest - bearing debt, Interest-bearing investment, liquid assets /Illiquid assets . A company 's debt cannot be more than 33% of its market cap. Interest generating assets myst be less than 33% of its market cap. Money owed by other to the company must be less than 82% of a companies market cap. That being said No matter the % amount of interest....it's still interest right? So I wanna know how are scholars saying that it is permissible to do such a thing Any Qur'an verse or Hadith would help me I have also had doubts on dropshipping but it got clarified as there was a hadith on the sale of dates 2-3 years prior for the dates to become ripe Anyways would appreciate it if you help me out with this Jazakallah khair

@nabzplays8274 3 месяца назад

Majority of the saudi scholars from the sunnah would say it is straight up haram. If you are gonna take a course which is 3 years long thats gonna be £27k tuition and you will get an optional of £9k each year for maintanance so basically you gonna almost have £60k debt when you out of uni but thats not it. The rising inflation is gonna make that price rise by mayabe like 5% which is significant and to get the whole student debt written off it will be like 40 years which most of us will be at retirement by that age so theres no point. Furthermore, the reasons why scholars say it is haram to take a student loan that you cant afford the price for is because in the contract you are agreeing that you will pay interest if you earn over a certain amount. The signature alone from you agreeing to this is sufficient for allah to use this evidence against you on judgmenet day that you pledged to indulge in riba even though you may not pay if it gets written off, it you still agreed to the terms of paying riba which is impermissible.

@abibane6514 3 месяца назад

@@nabzplays8274 i stopped it long ago akhi