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Shiavault - a Vault of Shia Islamic Books A Summary of Rulings The Rules of Loans (Qardh) Issue 768: Lending is one of the highly recommended acts. Emphatic exhortations are related in the Noble Qur’an, the Prophet's Sunnah and the narrations of the infallible Ahlul-Bait, peace be upon them all.

It has been related from the Messenger of Allah, peace be upon him and his family (that he said): He who loans a Muslim a loan expecting his good fortune in it, his wealth is (akin to being used as) Zakah and (this deed) is in the prayers of the angels until it is paid. He who needs his Muslim brother for a loan and (his brother) is capable of it and does not provide it, Allah will forbid the fragrance of heaven for him.

In another narration, he said, peace be upon him: Charity (Sadaqah) has the reward of ten and the loan (Qardh) has the reward of eighteen. Issue 769: It is permissible to execute a verbal contract for a loan and, as such, by the action that a sum is given to someone with the intention of a loan and the other side takes it with this same intention. Both situations are proper. Issue 770: It is conditional in the loan that the quantity of the property, its type and the period of the loan is known.

Likewise, (It is conditional that) the lender (Muqridh) and the borrower (Mustaqridh) both be mature (Baaligh) and sane ('Aaqil) and that they not be dimwitted nor restricted from disbursing their properties. (Also it is conditional) that they engage in this act willingly and voluntarily not due to coercion, compulsion nor jest.

Issue 771: When both (the lender and borrower) have specified a time period for the loan, it is not permissible for the lender to seek his property before the arrival of the time of this period. As for when a time period had not been specified in the repayment of the loan, it is permitted for the lender to seek his property at whatever time he desires.

Issue 772: When a loan was deferred for a period and the desire of the debtor is to pay his debt before the arrival of the due date, it is not obligatory upon the lender to accept that. However, when the period is specified as a provisional period with the borrower, if he desires to pay back his debt whenever he desires it is obligatory upon the lender to accept that.

Issue 773: When the lender demands his property at the expiration of the period in which he has the right to seek his property, it is obligatory upon the borrower to promptly pay his debt immediately.