Debt and interest
Generally, nobody wants to fall into debt – especially not the weighty amount of debt associated with university. Add interest on top and it becomes a continuous cycle of financial catchup where you’re paying back more than you ever borrowed in the first place.
This situation can be pretty daunting for anyone, but for Muslims, it can be particularly terrifying.
You see, in Islam, Muslims are guided by rules that explicitly prohibit them from taking out loans with interest (Riba). This means that unless you’re sitting on a cool £35,000 to £60,000, university education via permitted (Halal) means becomes inaccessible for the vast majority. Many young Muslims grapple with this dilemma, facing the choice of taking out interest-bearing student loans for degrees that may not be necessary for their desired career path just so they have some form of higher education on their CV.
Now, you may also be considering the government’s plan for an “alternative student finance” option catered to Muslims, starting sometime after 2025. While that sounds like it’s worth considering for those leaving school in a couple of years, let’s think of it like this: the new option may not directly charge interest, but it’s highly likely that they will impose some sort of fee or contribution payment that either mirrors interest rates or is designed to cover potential interest rate increases for the foreseeable future. In essence, you’re still paying back more than you initially borrowed, and it could end up costing Muslim students even more in the long run compared to their standard student-finance counterparts.
The game changer…
Hence, I bring to you an appealing alternative that won’t take more out of your pocket than expected and allows you to stay true to your faith: apprenticeships. Which requires you to pay back a grand total of… nothing. In fact, you’ll actually be making money on an apprenticeship due to the earn-while-you-learn structure. It’s a win-win-win situation: you get a valuable qualification, real-world experience in your chosen field, and a paycheck to boot.
When it comes to pursuing a career, one of the key considerations for many Muslims is aligning their choices with their faith. The good news is that there are numerous halal career paths that dovetail perfectly with apprenticeships. Fields such as healthcare, technology, and various skilled trades are not only in demand but also in line with Islamic principles. By choosing an apprenticeship in these sectors, you can ensure that your career is ethically sound, giving you the confidence to excel in your chosen field while upholding your religious values.
Expanding on this, the beauty of apprenticeships is that they’re available in nearly every field you can think of. Be that a Level 3, 4, 5, 6, 7 apprenticeship, you’re guaranteed firsthand experience in the workplace, already placing you a step ahead of your university friends – whether that’s in accounting, business, engineering, IT, journalism, law, marketing, medicine, software development, or so on. So there’s absolutely no fear of not being able to secure a “respectable” job, much to our Muslim parents’ delight!
To wrap up
I highly encourage fellow young Muslims out there to consider apprenticeships as your ticket to a bright, debt and interest-free future. It’s a decision that aligns with the Islamic faith, ensures financial well-being, and paves the way for a successful career. By choosing this route, you’re inspiring others to follow suit!
Take the plunge, embark on an apprenticeship journey, and watch your aspirations turn into reality.
If I’ve managed to convince you to become an apprentice and you’d like to talk to people who know about taking the next steps, feel free to email email@example.com to get your questions answered. Alternatively, fill in the form below and one of their team will get in touch.