IslamicFinance.de

Samantha Lord-Konare converted to Islam six years ago and then she found herself in a quandary because of a student and credit card loan that her new religion prohibited. Lord-Konare vowed not to use her credit card but resolving the issue of her student loan was more challenging.
She consulted the imam who presented her with four options. She could pay off her loan in one lump sum, obtain an interest-free loan, receive the money as a gift, or do her best to pay off her student loan as quickly as she could. "Of course, I had to choose the last. I could never ask someone for that amount of money," said Lord-Konare.
Islamic scholars say there is a clear prohibition on usury in the Koran. The Shariah also stipulates that Muslims should acquire wealth in a legal and ethical manner; any element of usury, gambling or chancing is forbidden.
"Getting into debt is a serious decision that a Muslim does not take lightly," wrote Syed Hassan, a Middle East-based Islamic finance specialist, in an email. Loans are only undertaken if they further the function of Shariah to preserve faith, life, lineage, intellect or property, he added. Giving interest-free loans is considered an act of charity in Islamic culture.