1.Renew Your Intentions:
Renew your intentions and make sincere prayers (dua’) in your daily ritual prayers and other blessed times for help and guidance from God. Pray the prayer of guidance (istikhaara) and be content with the path God facilitates for you – He wants better for you than you want for yourself.
2. Reflect:
For educational loans, a number of applicants 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 no work. Before spending tens of thousands of dollars on a post-secondary program, reflect on these questions: 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 that help people tap into their own potential without needing to rely on accreditation or degrees, where possible. We are not suggesting that post-secondary school is “wrong,” but that one should know very well what they are getting into and what their education will actually provide and not provide. Many others have great reflections about the modern post-secondary system such as John Taylor Gatto (author of Weapons of Mass Instruction and this short letter), Chris Hedges, Noam Chomsky, and others.
For personal loans, reflect on 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. If you are considering buying a vehicle, sometimes more affordable vehicles have more blessings than more expensive ones.
For small business loans, we would do best 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 when there is a better use of funds for projects of greater priority. Very often, funds used directly to support people and beneficial programs are of far greater value than those used to purchase or build physical buildings of brick and stone.If you have thought long and hard about this decision and exhausted other avenues (see the FAQ below), and after weighing the benefits against the harms still believe it is best to get a loan then…
Holy Qur’an (2:216)
All blessings and peace upon our beloved Prophet Muhammad.
All thanks are due to God, Lord of the worlds.
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