Student Loans and Mortgage.

[YourBroMoe]

I'm cool with interest because I understand how opportunity costs work.
I'm not cool with usury, which is super high interest rates that are not justifiable and forced upon those who need loans.

I own a credit card, that allows me to use the money inside it. If I pay the bill before the due date, there's no interest charged. If I don't, I'm charged interest.

As I continue to pay my credit loans, I'm given better potential deals. Why is that?

Because interest and loan repayments are the only proof society has on knowing if you're financially responsible.

If you can't handle a loan, don't get into one. That's all there is to it.

 

[Nin-culus]

I'm cool with interest because I understand how opportunity costs work.
I'm not cool with usury, which is super high interest rates that are not justifiable and forced upon those who need loans.

I own a credit card, that allows me to use the money inside it. If I pay the bill before the due date, there's no interest charged. If I don't, I'm charged interest.

As I continue to pay my credit loans, I'm given better potential deals. Why is that?

Because interest and loan repayments are the only proof society has on knowing if you're financially responsible.

If you can't handle a loan, don't get into one. That's all there is to it.

you're making it simple bro but the thing is When i get the big old cheque I think I'm going to have to have a credit card but there wont be no such thing as a single delayed payment so no risk of interest

it is what it is tho what are we suppose to do live in cardboard boxes the way the world is headed currency is going to be digital soon

 

[AussieHustler]

@YourBroMoe

I think “usuary” was meant during those times by loan sharks who charge exorbitant fees and the idea was to stop Muslims being exploited with massive interest rates. That was the spirit of the concept. Now, interest rates are very cheap and you can buy a house with low fixed interest rates. Now, let’s look at the halal mortgage industry.

Generally speaking, for example, if you buy the same house (Islamic mortgage) that I’m buying (with riba mortgage), at the end of the mortgage life, you will be paying more than me. Which one is usuary? The one that costs more or the one that costs less? While I’ve a choice to buy a fluctuating or fixed mortgage, you my friend have no choice, but yours is an ever increasing fixed mortgage. Instead of paying “interests”, you will be paying way above market rent rates plus fees. These fees and rent increase yearly. The house isn’t yours (mine is not too) and you are renting from the Bank. You pay above market rent rates even if house prices fall and rents plummet. Are you following the semantics here, now ask yourself, the Islamic finance (most are owned by the major banks) asks you these fees be included the insurance of the house, since insurance is Haram for many, you don’t have to deal with it & the Bank (owners of the house) won’t accept any mortgage deal without insurance. The deal will be for the bank to pay the insurance and it would be included the fees you pay them. No need to dirty your hands with Haram insurance payments.

This whole thing has been set up like accountants and lawyers trying to minimise your tax, but here, they are trying to cheat their god by paying more mortgage payments since there is no mention of interest rates, or insurance, then it becomes halal. How does the original concept of usuary (Judeo/Christian/Islam) fit here? They killed it in spirit and in practice. It’s intention was for Muslims to pay the lowest or no interest rates and they can afford without severely interrupting their living conditions and not to burden them financially. You are paying more than I do. How is yours halal and mine Haram? No wonder then, the European and North American Islamic Fiq councils have declared mainstream mortgages to be a necessity. Somalis listen to Sheikh Dabcaseyr. Sxb, commonsense is lost to them.

 

[halwa]

I think student loans are fine since most households can’t afford to pay for their children’s tuition fees. Education is a necessity of survival in this world and when there is a necessity, someone is pardoned. Otherwise, many Somali folks wouldn’t take out student loans if that was the case.

I don’t think it is nice to judge and jump to conclusions. You need to understand the situation first. Who knows? You might have taken out student loans yourself. Hypocritical much.

 

[Striker]

What's the alternative?

Get a job and study part time. or try get a scholarship or study aboard.

Any form of riba is haram and people should stay away even if they are in a dire financial position because classified as one of the major sins

“But whoever returns (to Ribaa), such are the dwellers of the Fire — they will abide therein” Verse 2:275

“And if you do not do it, then take a notice of war from Allaah and His Messenger” Verse 2:279

What's dumb is that there are people on this thread justifying the use of riba.



@Cauli @AussieHustler

 

[AussieHustler]

Get a job and study part time. or try get a scholarship or study aboard.

Any form of riba is haram and people should stay away even if they are in a dire financial position because classified as one of the major sins

“But whoever returns (to Ribaa), such are the dwellers of the Fire — they will abide therein” Verse 2:275

“And if you do not do it, then take a notice of war from Allaah and His Messenger” Verse 2:279

What's dumb is that there are people on this thread justifying the use of riba.



@Cauli @AussieHustler

Forgive me sheikh Dabcaseyr if I’ve sinned.

Take this issue with the European Islamic Fiq Council and the North American Islamic Fiq Council who deemed mortgages and student loans to be a necessity. Are you more knowledgeable than them?

Hey, is it true Lukaku became a Muslim?

 

[Striker]

Forgive me sheikh Dabcaseyr if I’ve sinned.

Take this issue with the European Islamic Fiq Council and the North American Fiq Council who deemed mortgages and student loans to be a necessity.

Hey, is it true Lukaku became a Muslim?

Lots of scholars talked about the decisions of the EU Islamic Fiqh and said it's still haram

Watch this scholar talk about it

 

[AIOPZ]

Student loans are in no way halal, what's there to even be arguing about. Y'all should've payed attention in school and you wouldn't be complaining about student loans

 

[AussieHustler]

Student loans are in no way halal, what's there to even be arguing about. Y'all should've payed attention in school and you wouldn't be complaining about student loans

@Lolalola

Forgive me Sxb, let us ask the Nazi English grammar professor Mr @Dalmoor if you've paid/payed any attention to spelling in school.

Why don't you comment on welfare? Sheikhs and the overwhelming majority of Muslims receive it, therefore, it is halal.

 

[Suldaanka]

I think student loans are fine since most households can’t afford to pay for their children’s tuition fees. Education is a necessity of survival in this world and when there is a necessity, someone is pardoned. Otherwise, many Somali folks wouldn’t take out student loans if that was the case.

I don’t think it is nice to judge and jump to conclusions. You need to understand the situation first. Who knows? You might have taken out student loans yourself. Hypocritical much.

You know in America if you cant afford it. There is Financial aid. Most Somali students get Aid. No loans. Idk what the big deal is about.
Its either you get a scholarship or Aid.
Free both ways

 

[Suldaanka]

Forgive me sheikh Dabcaseyr if I’ve sinned.

Take this issue with the European Islamic Fiq Council and the North American Islamic Fiq Council who deemed mortgages and student loans to be a necessity. Are you more knowledgeable than them?

Hey, is it true Lukaku became a Muslim?

Why do you use Muslim ulema in your arguement when it supports then throw them to the curb????

 

[Striker]

@Lolalola

Forgive me Sxb, let us ask the Nazi English grammar professor Mr @Dalmoor if you've paid/payed any attention to spelling in school.

Why don't you comment on welfare? Sheikhs and the overwhelming majority of Muslims receive it, therefore, it is halal.

Dalmoor grammar professor?

He is definition of shitposter and posts the most obvious stuff

 

[AussieHustler]

Why do you use Muslim ulema in your arguement when it supports then throw them to the curb????

@Suldaanka

I love to see Somalis get out of the ghettos that destroys their lives and their children’s future because to have a mortgage, it requires that Somalis take marriages very seriously, work harder, less of divorces and sacrifice for the success of their children. Now, we are known as manufacturers of dysfunctional families, too many divorces, youth unemployment, youth and adults incarcerations, ghetto living and dependency on welfare skyrocket. We became addicted to welfare whether via cash payments or public housing and if these sheikhs can advice them to positively reverse this ugly rising trend to make Somali men and women more family oriented, who stick and stay together for the benefits of their family, move their families out of the ghettos and work hard like Asian parents, I won’t only support these sheikhs, but I will twerk for them too.

 

[halwa]

You know in America if you cant afford it. There is Financial aid. Most Somali students get Aid. No loans. Idk what the big deal is about.
Its either you get a scholarship or Aid.
Free both ways

There is no financial aid for student loans in the UK, except for an interest based loan and all of the Somali students have taken out the student loan. Dantaa ku khasabtay. It was a necessity, but they have to start paying it back as soon as they start earning over 25k.

 

[Kodeen]

Interesting timing. I was talking about this with my brother a few days ago. There quite literally is no feasible alternative to a mortgage for anyone looking to become a home-owner here. I watched an Islamic lecture on mortgages a while back, and I vaguely remember it being concluded as haram. I wasn't very convinced by his reasoning for not deeming it an exception though. Either way, as much as I want to get a mortgage, I'll stick to renting in the foreseeable future.

I think student loans are fine since most households can’t afford to pay for their children’s tuition fees. Education is a necessity of survival in this world and when there is a necessity, someone is pardoned. Otherwise, many Somali folks wouldn’t take out student loans if that was the case.

I don’t think it is nice to judge and jump to conclusions. You need to understand the situation first. Who knows? You might have taken out student loans yourself. Hypocritical much.

I always see people say student loans are a necessity, but I would honestly argue that a need for a mortgage trumps student loans. At least, in the sense that it's much more affordable and has better alternatives. Especially for the people who managed to get on the old fees.

Not that I'm any better because I also took out loans. Though I'll admit that I was extremely ignorant on the severity of usury when I took my loans out.

 

[halwa]

Interesting timing. I was talking about this with my brother a few days ago. There quite literally is no feasible alternative to a mortgage for anyone looking to become a home-owner here. I watched an Islamic lecture on mortgages a while back, and I vaguely remember it being concluded as haram. I wasn't very convinced by his reasoning for not deeming it an exception though. Either way, as much as I want to get a mortgage, I'll stick to renting in the foreseeable future.



I always see people say student loans are a necessity, but I would honestly argue that a need for a mortgage trumps student loans. At least, in the sense that it's much more affordable and has better alternatives. Especially for the people who managed to get on the old fees.

Not that I'm any better because I also took out loans. Though I'll admit that I was extremely ignorant on the severity of usury when I took my loans out.

It really depends on the person what they see as more of a necessity. Personally, for me, it would have to be the student loans. I needed it to find for my education. I was aware of it and so were my parents, but they gave me the go ahead sign. I understand its complications, but I see it as something I needed at the time and was in desperate need for it. The same goes for mortgages. I’m not a sheikh, so I will leave the ulimah to dedicde at what point necessity becomes an issue.

My university days started in 2013 when the government had just increased the tuition loans to 9k a year.

 

[Nin-culus]

It really depends on the person

Tbh I started that exact time as well except I didn’t actually go ahead with uni. For my own reasons had a long time (few years) what seemed to people like I ain’t doing shit, feeling the pressure of society. But I’m now of age where people tend to mind their own.
Trust me it paid off now I’m in the 1% just need to find a loyal ting with a back so I can settle down tbh, but I’m tied between 2 ways either I can 1) floss a little wealth but then that will attract the gold diggers and ops/evil eye or 2) maintain my confidentiality stay looking good. Work on my self some more till I find a ting that likes me for me.
And then even then I ain’t never signing a marriage contract.

 

[jamal9]

people who pay or receive interest are s. all s are going to hell.

btw, welfare aint interest. it is govt sadaqa for the less fortunate. you don't repay back welfare, it is free money given to you.

 

[nine]

Forgive me sheikh Dabcaseyr if I’ve sinned.

Take this issue with the European Islamic Fiq Council and the North American Islamic Fiq Council who deemed mortgages and student loans to be a necessity. Are you more knowledgeable than them?

Hey, is it true Lukaku became a Muslim?

There can be difference of opinion between ulama but to say it's a necessity to take out student loans is nonsense

Sheikh @Shaolin23 Al Darodi Al Jaberti soo gal

 

[CaliTedesse]

Dealing with usury is a major sin in Islam which Allaah and his messenger has issued many warnings.

“Those who eat riba will not stand (on Qiyamah) except like that of one beaten by Shaytan leading him to insanity.” (Verse: 2:275)

“Allah’s Messenger curses the one who consumes riba, gives it, records it, and witnesses it.” (Sahih Muslim v. 11, p. 1964)


It's becoming a normal thing for Somalis to take mortgage and student loans (with interests)



We should try and raise more awareness to our relatives and friends.

I thought you were Kenyan Bantu??