In the Name of Allah, Most Gracious, Most Merciful.
All Thanks are Due to Allah.
Allah send infinite Blessings and Peace upon Prophet Muhammad, the one through which good works are guided and blessed.
Before applying for an Interest-free Loan, we kindly advise you to:
A. Renew your intentions and make sincere prayers (duah) in your daily ritual prayers and other blessed times for help and guidance from God. Pray the prayer of GUIDANCE (ISTIKHARA) and be content with the path God takes you – He wants better for you than you want for yourself.
For educational loans, a number of applicants seem to jump into post-secondary schooling without thinking things through; countless people graduate with degrees annually and do not use them due to many factors – they are then left with much debt and often no work. Before spending tens of thousands of dollars on a post-secondary program, we suggest asking: why am I pursuing this degree or certificate? What are the societal needs I am trying to fulfill? What other options do I have? Can I achieve my goals otherwise? How can I pay for schooling without falling into interest? Is this the right time for it or should I put it off for now?
There are many resources online such as www.uncollege.org that help people tap into their own potential without needing to rely on accreditation or degrees, where possible. Not that post-secondary is wrong, but that one should know very well what they are getting into and what post-secondary provides and does not provide. Many others have great reflections about the modern post-secondary system such as John Taylor Gatto (read his books like Weapons of Mass Instruction and this short letter), Chris Hedges, Noam Chomsky, and others.
For personal loans, reflect at the root causes of the need or emergency, sometimes it is just a normal downturn in life, other times it can be misuse or mismanagement of funds, or wronging other people – if so, work hard to right those wrongs and seek forgiveness and repent. For vehicles, sometimes more affordable vehicles have more blessings than more expensive ones.
For small business loans, we are best advised to take our time and not rush – haste is from the devil and we will get our portion of wealth that is destined for us whether we hurry or not. Instead of loans you may consider investments or partnerships.
For institutional loans, sometimes major capital projects are not needed nor are they wise – with other uses of funds of greater priority. Very often, funds used directly to support and benefit people and for programs are of far greater value than those used to purchase or build buildings – i.e. bricks and stone.
If you’ve thought long and hard about this decision, exhausted other avenues (like the ones below in the FAQ), and weighed the benefits against the harms, and still believe it is best to get a loan then…
C. Seek Advice.
There are many truly God-fearing scholars, elders, and mentors in our communities who have tremendous knowledge and wisdom and experience. Talk to a few of them who you trust and value their opinions. Ask for their sincere counsel, God may send His guidance on their tongues. Also ask for their prayers.
D. Approach other organizations for financial aid (See the Relief Organizations page) and check the Frequently Asked Questions (FAQ) page for answers to common questions.
E. Trust in God.
He will facilitate the path that is best for you. Remember that God sees the Big Picture and He knows what’s best, your particular desire for a field of study or for a business endeavour may not be what’s best for you at this moment, or perhaps it is, however God’s Will unfolds, that is certainly what is best. Trust in Him, He will reward your trust in Him by taking care of you in ways you could not imagine. Let go and let God.
~…it may be that you hate a thing though it be good for you, and it may be that you love a thing though it be evil for you. God knows, and you know not.~ (Qur’an 2:216)
May God bless our leader
Peace be upon all Messengers.
Lord of all