ALLAH's ADDRESS TO MUSLIMS (PART 9)

ALLAH's ADDRESS TO MUSLIMS (PART 9) -

In the name of Allah and may Allah's blessing be upon the last and final prophet, Mohammadﷺ

O you who have believed, when you contract a debt one upon another for a stated term, then write it down. And let a writer write it down between you with justice, and let not any writer refuse to write it down, as Allah has taught him. So let him write and let the one upon whom is the truthful duty of payment (i.e. the debtor) dictate, and let him be pious to Allah his Lord and not depreciate anything therein. So, in case the one upon whom is the truthful duty is foolish, or weak, or unable to dictate himself, then let his patron dictate with justice. And call in to witness two witnesses of your men; yet, in case the two are not two men, then one man and two women from among the witnesses you are satisfied with, so that (in case) one of the two women should err, then either of the two should remind the other, and let the witnesses not refuse whenever they are called (upon). And be not too loath to write it down, (whether) it is small or great, with its term. That is more equitable in the Providence of Allah, and more upright for testimony, and likelier that you will not be suspicious. Except (when) it is commerce present that you transact among yourselves, then it shall be no fault in you if you do not write it down. And take witnesses when you sell one to another, and let not either writer or witness be harmed, and in case you perform (that), then that is evident immorality in you. And be pious to Allah, and Allah teaches you; and Allah is Ever-Knowing of everything

Quran 2-282

Points to be noted -

Although the ayat is very clear and self explanatory, yet there is one thing to be understood.

In case a contract is prepared for a monetary loan, then the giver MUST NOT take anything extra from the reciever whether that is written in the contract or not. Any extra money recieved will be riba or interest and that is a great sin.

Today, so called islamic bankers tell us that it is allowed to take money over and above the loan amount if that is mentioned on the contract. And that the extra money taken is not considered as interest because it is in the contract and agreed by both parties. Know, that this explanation given by some so called islamic bankers is a complete nonsense and cannot exclude the additional amount from the circle of interest.

However, the person who is taking the loan can give a gift or hadiya, "whatever" he wishes to the giver and a gift is completely halal.

May Allah guide us all !

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