Tuesday, October 23, 2018 - 14 Safar 1440

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Home » Fatwas » Financial Transactions » Loans

Is taking a bank loan for my son's education lawful?

Asalam alaykom
My question is about taking a bank loan in order to enroll my son in a college, and are there specifications for the loan?
I would also like to ask about the use of credit cards (such as MasterCard) what are the Islamic limits in using them?


- It is permissible to use credit cards provided one pays before subjecting himself to the interests due on late payment.
It is permissible to take a loan for education based on mutual agreement between you and the bank.

- As for taking a personal loan, it is permissible based on necessity.

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