Check out this initiative by a group of Muslim students in Canada towards working to introduce interest-free student loans:
Inspired by emails sent by Muslim brothers/sisters who wanted to avoid haram and get out of interest-based loans, we decided that it is about time someone started showing the Canadian community benefits of interest-free banking by using student loans as a starting point. Being involved in the RBC Challenge as part of our Masters program gave us a great channel to push this idea forward.
We are trying to figure out a business model that is completely interest-free and at the same time provides a win-win situation. There are still a number of kinks to figure out and that is why getting feedback from the community is so important. The survey results will help us immensely in putting together a value proposition for RBC.
If you’re a resident of Canada, do fill out their survey. May Allah SWT reward this group of young Muslims for utilizing the tools at their disposal to help the community around them and earn His pleasure.