Business and Dealings

Taking out a student loan

Q: I am trying my best not to apply for a student loan but keeping up with my payments has become so difficult and it has come to a point where sometimes we don’t have food to eat because a big chunk is going out for university payments. I need to finish my degree for my kids future.

Can I take out a student loan involving interest but pay it back ASAP? Please advice as our situation is taking a toll on my health.

Land expropriation

Q: My great grandfather had an estate in Durban from which they were forcefully evicted in 1972. My father also passed away in 1972. He was survived by his two brothers of which one passed away a few years ago. My paternal grandfather, who is now late, had many brothers and sisters of which two brothers and few sisters are living.

One of my paternal grandfather’s living brothers contacted the government some years ago to ask for compensation. The government sold this land recently for about 20 million Rands. The government decided to give us a gift of plus minus six million Rands in total, but did not know how to apportion it. They looked at the surviving sons and daughters of my great grandfather. In total, there are plus minus 34 shareholders.

In our scenario, my paternal grandmother is first in line since my paternal grandfather is late. She has one living son who is my father’s brother and no daughters. The government said that the money is a gift to all the living descendants of my great grandfather, but each one’s descendants should amicably agree to apportion their shares proportionately.

In my case, my father is survived by my mother, my brother and I. So, the government is giving about R200 000 each to my paternal grandmother, my father’s living brother and R200 000 to my mother, brother and myself and the last R200 000 to my father’s late brother’s family.

Initially, my father’s brother was not happy to give us the money saying that we do not inherit. However, due to pressure from all other shareholders, he decided to also make us party to the gift. Are we entitled to accept this gift from the government?

Forex trading

Q: Is forex trading halaal or haraam? While I use an interest free account, I use a swipe free and no commission account. My broker says its 100% according to Islamic Shariah. Kindly tell me about it in detail.