Bank loan for education
Question:
I plan to go abroad for an MBA next year. However, there are very few scholarships for an MBA degree and considering that the MBA is very expensive, the only way to fund my studies would be through a bank loan. Considering Mr. Ghamidi's point of view, which you agree to as well, would taking a loan from a bank for educational purposes be Islamic as well since I would be paying Riba and not receiving it?
Response:
Yes, I agree that if you think that there is a real need for you take a loan, and there aren't any interest-free loans available, you can go for it.
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