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Allah says in Sura Al-Baqarah,
in
the verse on
debt: (interpretation
of the meaning):
“O you who believe! When
you contract a
debt
for a fixed period, write it down. Let a scribe write it down
in
justice between you. Let not the scribe refuse to write as Allah has
taught him, so let him write. Let him (the debtor)
who incurs
the liability dictate, and he must fear Allah, his Lord, and diminish
not anything
of what he owes. But if the
debtor
is of poor understanding,
or weak, or is unable to dictate for himself, then let his guardian
dictate in
justice. And get two witnesses out of your own men. And if there are
not two men (available), then a man and two women, such as you agree
for witnesses, so that if one of them (two women) errs, the other
can remind
her. And the witnesses should not refuse when they are called (for
evidence). You should not become weary to write it (your contract),
whether it be small or big, for its fixed term, that is more just
with Allah; more solid as evidence, and more convenient to prevent
doubts among yourselves, save when it is a present trade which you
carry out on the spot among yourselves, then there is no sin
on you if you do not write it down. But take witnesses whenever you
make a commercial contract. Let neither scribe nor witness suffer
any harm, but if you do (such harm), it would be wickedness
in
you. So be afraid of Allah; and Allah teaches you. And Allah is the
All-Knower of each and everything.
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... And if you are on a
journey and cannot find
a scribe, then let there be a pledge taken (mortgaging),
then if one of you entrusts the other, let the one who is entrusted
discharge his trust (faithfully), and let him be afraid of Allah,
his Lord. And conceal not the evidence, for he who hides it, surely,
his heart is sinful.
And Allah is All-Knower of what you do” [Quran - Sura Al-Baqarah 2:282-283]
Some of
the rules therefore in lending money are as follows:
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The period of the loan must be
specified
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Writing down the loan with details
of repayment
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The debtor should dictate the
details of the loan. In case of sickness or other emergencies,
he or she can appoint a guardian.
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The lender can ask for a collateral
in case the debtor defaults on the loan
More
details can be found at islam-qa.com
here
Debt
Repayment -
Asking Allah for Help
Al-Tirmidhi
narrated from ‘Ali (may Allah be
pleased with him) that a mukaatib
(slave who had entered into a
contract of manumission) came to him
and said: “I am unable to pay off my
manumission; help me.” He said:
“Shall I not tell you some words
which the Messenger of Allaah
(peace and blessings of Allaah be
upon him) taught me? And if you
have debt like the mountain of Seer,
Allaah will pay it off for you.
He said: ‘Say:
Allaahumma
akfini bi halaalika ‘an haraamika wa
aghnini bi fadlika ‘amman siwaaka
(O Allaah, suffice me with
what You have permitted so that that
I have no need of that which You
have forbidden, and make me
independent of means by Your bounty
so that I have no need of anyone
besides You.”
www.islam-qa.com (see question
13180 at islam-qa.com)
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