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26 / 04 / 2026
Buying University Credits from the Bank and Selling Them to Students
In the Islamic bank, there is a transaction called 'Iqra' whereby a university student presents the bank with the amount they owe for registration fees and university credits. The bank then purchases these services from the university and pays this amount, and subsequently sells them to the student. Honestly, I do not know the details of the contract, just what I mentioned in general. What is your opinion, may I ask?
Answer
I say, and with God's help: the idea itself is correct in terms of Sharia, but we want a proper application of it, and God knows best.
