Wednesday, August 29, 2012

Sharia Finance in Britain - Preview of What's Coming To America?

Muslims demand Sharia student loans because paying interest goes against Islamic law

Muslim groups are calling for a separate student loan system because the interest due to be charged will conflict with rules of Sharia law.

The changes to tuition fees, which come into force next year, will see students charged higher rates of interest on the loans they take out to pay for university.

Until now they have paid the market rate of inflation but the reforms mean students who go on to earn more than £21,000 will have to pay interest of up to 3 per cent.

But in some interpretations of Sharia law, which is Islam's legal system and governs every aspect of Muslim life, loans are forbidden.

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-- Political Pistachio Conservative News and Commentary

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