money for the future

chesky369

"money I saved up from previous work "

how did you save this? Under the mattress or in a savings account? If the latter, you can't really have an ethical/religious problem.

Aegis

Chump101 wrote: »

Hi Aegis
yes, it is for ethical/religous reasons; which rules out a lot, but there must still be some options.....

A quick google search for Sharia Banking turned up this:

http://www.islamic-bank.com/islamicbanklive/CAFeaturesBenefits/1/Home/1/Home.jsp

It offers current and savings accoutns that do not pay interest. The savings account instead acts like a secure-capital share account, in that the profits from the bank are shared with you rather than being payed as accumulated interest.

Does that help? If it's not what you were after, you might be able to search for other Sharia compliant products, as they won't pay or charge interest.

Chump101

ringo_24601 wrote: »

Let me get this right, you are happy to pay the interest on a student loan in the future, but you don't want to spend your bursary or collect interest in it?

How about buying shares with your bursary? It's an investment in a company, and hence not interest if the company's shares go up (or down).

Not happy to pay any interest; I am looking into how I can start paying back my student loan now, otherwise interest will accrue...

so shares is the suggestion, I think there are some threads on the subject so I'll take a look, up (or down):think:
Thanks.

Chump101

chesky369 wrote: »

"money I saved up from previous work "

how did you save this? Under the mattress or in a savings account? If the latter, you can't really have an ethical/religious problem.

It wasn't a savings account.

Chump101

Thanks Aegis

[Deleted User]

Chump101 - you realise you could just spend your bursary money now and not take the loan out at all? Just because you're a student doesn't mean you HAVE to take out the loan. This would solve your interest problems

I didn't need the money till the 3rd year of uni, so i only took out one years worth

Badger_Lady

Very true point, ringo - my bursary was £5k a year, I worked part-time on top and never took out a student loan.

[Deleted User]

I did spend the money on a big post-graduation holiday Maybe I should have saved it towards my masters.. but hey, it was a fun holiday

Chump101

Badger_Lady wrote: »

Very true point, ringo - my bursary was £5k a year, I worked part-time on top and never took out a student loan.

ringo raised a good point but about part-time work;
I am at university 9am-5pm 5 days a week and although there is part-time work on the week-ends, most posts require training during the week

I have tried to accommdate this within my holidays but it hasn't worked so far...
btw badger_lady did you do dentistry/medicine; I am a dental student myself

[Deleted User]

Right.. so use your bursary to start paying off your student loan now then

Sheesh, this is a very stupid financial conversation