Is it considered sinful for Muslims to work at my job? (user search)
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  Is it considered sinful for Muslims to work at my job? (search mode)
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Author Topic: Is it considered sinful for Muslims to work at my job?  (Read 1280 times)
Geoffrey Howe
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« on: May 18, 2021, 04:43:00 AM »
« edited: May 18, 2021, 05:14:08 AM by Geoffrey Howe »

Something that just came to me, since my job involves federal student loans. They have interest, and loans with interest are considered sinful in Islam. Hence it would be considered sinful for any Muslim to work at my job, or am I mistaken? I did realize this might explain why I have never once seen a woman wearing a hijab there, although I do have some co-workers from a mostly Muslim background who I recall once talking about getting some holiday at the end of Ramadan off some year...so yeah just wondering what the consensus is on this.

Are the loans interest-free?

Anyway, this might help.
https://moneyfacts.co.uk/mortgages/guides/what-is-a-sharia-mortgage/
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Geoffrey Howe
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Posts: 1,782
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« Reply #1 on: May 18, 2021, 10:36:27 AM »

Something that just came to me, since my job involves federal student loans. They have interest, and loans with interest are considered sinful in Islam. Hence it would be considered sinful for any Muslim to work at my job, or am I mistaken? I did realize this might explain why I have never once seen a woman wearing a hijab there, although I do have some co-workers from a mostly Muslim background who I recall once talking about getting some holiday at the end of Ramadan off some year...so yeah just wondering what the consensus is on this.

Are the loans interest-free?

No (well they are now until September 30 but usually aren't.)

Well then there's a good chance it is. I'll defer to others who know more.
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Geoffrey Howe
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« Reply #2 on: May 18, 2021, 01:40:00 PM »

For the record those "sharia mortgages" basically sound like "charging interest but calling it something else". But even that's not really possible with a student loan.

And they're almost certainly more expensive, which sort of seems to go against the whole idea?
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Geoffrey Howe
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Posts: 1,782
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« Reply #3 on: May 19, 2021, 09:06:44 AM »
« Edited: May 19, 2021, 09:13:51 AM by Geoffrey Howe »

For the record those "sharia mortgages" basically sound like "charging interest but calling it something else". But even that's not really possible with a student loan.

And they're almost certainly more expensive, which sort of seems to go against the whole idea?

No, you don't get it. Interest is specifically bad because reasons. Charging extortionary rent is fine. /s

But I do wonder what interest rate these Sharia Mortgages are equivalent to. It's hard because from my brief search, I can only find UK ones: this doesn't seem to be as common in the U.S.

I found 2.5% for 60% LTV in 2019, which I think is quite expensive.

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