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truthseeker63
05-24-2011, 07:24 PM
Do you know of any verses in the Quran and or the Hadith that talk about Lending and Loans the Prophet Muhammad was a Trader right ? There did he ever lend money or make loans ?
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Insaanah
05-25-2011, 12:22 PM
Originally Posted by truthseeker63
Do you know of any verses in the Quran and or the Hadith that talk about Lending and Loans
The longest verse in the Qur'an is on the topic of the etiquette of contracting a debt:

Sahih International

"O you who have believed, when you contract a debt for a specified term, write it down. And let a scribe write [it] between you in justice. Let no scribe refuse to write as Allah has taught him. So let him write and let the one who has the obligation dictate. And let him fear Allah, his Lord, and not leave anything out of it. But if the one who has the obligation is of limited understanding or weak or unable to dictate himself, then let his guardian dictate in justice. And bring to witness two witnesses from among your men. And if there are not two men [available], then a man and two women from those whom you accept as witnesses - so that if one of the women errs, then the other can remind her. And let not the witnesses refuse when they are called upon. And do not be [too] weary to write it, whether it is small or large, for its [specified] term. That is more just in the sight of Allah and stronger as evidence and more likely to prevent doubt between you, except when it is an immediate transaction which you conduct among yourselves. For [then] there is no blame upon you if you do not write it. And take witnesses when you conclude a contract. Let no scribe be harmed or any witness. For if you do so, indeed, it is [grave] disobedience in you. And fear Allah. And Allah teaches you. And Allah is Knowing of all things.

And if you are on a journey and cannot find a scribe, then a security deposit [should be] taken. And if one of you entrusts another, then let him who is entrusted discharge his trust [faithfully] and let him fear Allah , his Lord. And do not conceal testimony, for whoever conceals it - his heart is indeed sinful, and Allah is Knowing of what you do." (Qur'an, 282-283)

We are also commanded to be kind to debtors who face financial difficulties:

"And if the debtor is having a hard time, then grant him time till it is easy for him to repay; but if you remit it by way of charity, that is better for you if you did but know." (Qur'an, 2:280)

During the time of ignorance, when the debt came to term, the creditor would say to the debtor, "Either pay now or interest will be added to the debt.''

Allah encouraged creditors to give debtors respite regarding their debts; and if they were in straightened circumstances, to forfeit the debts and cancel them completely. Allah has said there is a great reward from Him for this righteous deed.

Also, debts must be paid from the deceased's estate before distributing the inheritance shares:

" .....If the man or woman whose inheritance is in question has left neither ascendants nor descendants, but has left a brother or a sister, each one of the two gets a sixth; but if more than two, they share in a third; after payment of lagacies he (or she) may have bequeathed or debts, so that no loss is caused (to anyone). This is a Commandment from Allah; and Allah is Ever All-Knowing, Most-Forbearing." (Qur'an 4:12, part)

Peace.
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