LENDING A GOODLY LOAN (QARDHAN HASANAA)

Feb 24, '13 10:46 AM for everyone

The following is the excerpt from a letter of the late Ayatollah Khomeni to his son Ahmad, may Allah be please with them.

Giving of loan to those who are in need is highly encouraged in a number of Qur’anic verses (Aayaat) and Traditions (Hadeeths) of the Infallibles (Masoomins) (a.s.).  This good deed carries a lot of reward and the Almighty Allah (swt) has promised to increase its value manifold in this world and reward it honorably in the Hereafter.

Such loans must be interest free.  Taking of interest and usury is forbidden in Islam.  The Holy Qur’an clearly states that “Allah has permitted trading but forbidden Ribaa (usury)’’ (The Holy Qur’an 2:279)

Some Qur’aanic verses on the benefits of giving loan to the needy and being considerate to debtors if they are in difficulty are:  “ Who is it that will offer to Allah a goodly loan, so He will multiply it for him manifold, and Allah is He who decreases and increases the provision) and to Him you shall (all) be returned.” (The Holy Qur’an 2:245)

Be considerate to a debtor who is in difficulty by giving him/her extra time.  If he/she is still unable to repay, then convert the loan to charity (sadaqah) for that is good and highly rewarding for the creditor.  “And if (the debtor) is in difficulty, then let there be granting of time till it is easy (for him to repay); but if you (change) it to charity, that is better for you, only if you knew it.” (The Holy Qur’an 2:280).

Among the promises, which the Almighty took from Jews, was that they would grant goodly loan to the needy.  In return Allah (swt) promised them to keep them in His Mercy, conceal their evil deeds and enter them into Paradise. 

“Certainly Allah took a covenant from the children of Israel, and We appointed among them twelve leaders; and Allah said: Surely I am with you if you perform as-Salat; pay az-Zakaat, believe in My messengers; honor and assist them and give to Allah a goodly loan.  I will surely cover your evil deeds, and will surely cause you to enter into gardens beneath which river flows. But he who disbelieves amongst you after this then he has certainly gone astray from the right way.” (The Holy Qur’an 57:11)

Giving loan is increased manifold and this is followed by a good reward in the Hereafter.  “Who is he that will lend Allah a good loan; then He will increase it manifold for him, and (in addition) he shall have an honorable reward (The Holy Qur’an 57:11)

Giving of goodly loan has been mentioned along with giving of charity.  This shows that lending money to the needy is no less than charity.  : “Surely those who give charity, men and women and give Allah a goodly loan, it shall be increased manifold and (additionally) they shall have an honorable reward”.  (The Holy Qur’an 57:18)

Giving of goodly loan will help us in being forgiven by Allah (swt). “If you give Allah a goodly loan.  He will increase for you manifold and forgive you; and Allah is most appreciative (of rewards) and All-Forbearing. (The Holy Qur’an 64:17)

“A goodly loan that is given to the needy will be found with Allah, better and greater in reward.  So recite as much of the Qur’an as may be easy, and perform as-Salaat and give as-Zakaat, and give Allah a goodly loan. And whatever good you send on beforehand for yourselves, you will surely find it with Allah, better and greater in reward; and seek forgiveness of Allah; surely Allah is All Forgiving, All-Merciful” (The Holy Qur’an 73:20)

(Extracted from Jaf’ari Observer for the benefits of the Momineens)