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Shiavault - a Vault of Shia Islamic Books A Summary of Rulings The Rules of Securities (Rahn) Issue 782: A security (Rahn) is that the debtor agrees with the lender to place something of his property with the lender so that if the borrower does not pay the debt at the established time, the lender can take his right from this property (which is also called a voucher).

Issue 783: It is permissible to execute a contract of security by a verbal Seeghah, like the borrower saying: I am depositing this thing with you in place of the debt upon me. And the lender says: I agree. Or this matter is established by action in that the borrower places his property with the lender with the intention of a security, and the lender takes possession of it with this intention.

Issue 784: It is conditional for the one taking the security (Raahin) and the one giving the security (Murtahin) that they both be mature (Baaligh), sane ('Aaqil), not compelled, nor dimwitted nor restricted in that they are prevented from disbursing their properties by the Religious Authority (Al-Haakim Ash-Shar'). Issue 785: It is only permissible to give as a security the thing whose disbursement is permitted legally.

Then, it is not permissible to give the property of another as a security except with the permission of its owner. When the owner of the thing says to the lender: I'm giving this thing as a security for the debt of so and so, and the lender accepts that, it is proper. Issue 786: It is obligatory that the security (the thing given to the lender from the borrower) be something capable of being sold or purchased legally.

Therefore, it is not proper to put wine or instruments of gambling and similar things as a security. Issue 787: The benefit of the security and its increase, like the milk of an animal given as a security and fruit from the tree given as a security, it is returned to the owner of the security. Issue 788: The obligatory precaution is that the security agreement is not realized without the surrender of the security to the lender.

However, when the surrender is accomplished by giving the official deed of a house to the lender and it is surrendered to him whereas he is able to fulfill his right at the time of the borrower's failure to repay his debt by selling the house. There is no objection in it. Nothing prevents that the owner of the house can remain as a resident in the house after realizing the (transfer) of the security.