A friend on WordPress directed me the other day to a news article on the government introducing shariah compliant student loans. (Shariah compliant merely means acceptable to Muslims by the way, not all the other scary sensational connotations portrayed about it by the media.) My initial reaction was a mixture of excitement and scepticism.
“I’ve heard this all before” I thought to myself. At the same time, I begged it to be true, begged for the proposal to be truly legitimate and for it to be enforced quickly. The problem with these kinds of delicate matters are that they have to bw investigated properly. Due to the difference of opinion regarding Islamic banking, the legitimacy of the proposed system depends purely on who the government have consulted when planning it. Was it a recognised body of Islamic scholars and bankers? Or only a group of Islamic bankers? There is a huge difference between the two.
So how do we resolve this uncertainty? Well, I have asked a scholar to look into the proposals and upon his answer, I shall determine whether I should jump with ecstasy or sit gloomily staring at the floor of this bus as I travel to work on a gloomy rainy Sunday morning.
If the proposals are legitimate and are enforced quickly, or at least next year, I will be a tremendous weight off my shoulders. I would be able to walk around without worrying over how I am going to pay for my tuition fees and my hair will remain its natural colour without dropping off my head everytime the word money is mentioned. Although University fees should not be as high as they are, a shariah compliant student loan would be amazing.