4:25:3 
2023-08-08 
691
Sometimes man required financial help to tide over his economic problems. One way to help him is to lend him a loan. It will help him take care of his needs, and the lender will also have his loan repaid. Traditions have recorded the excellence and reward over this kind of help through loan. The Prophet (PBUH) said:
The Muslims who lends another Muslim loan for a couple of time has a reward equal to giving an offering once.
There are many traditions in support of the excellence of lending loans. Among the innumerable commands of the Qur'an and traditions to help the weaker section of society, lending loans is also one. It is a permissible way of help.
In the commercial world, loan arrangements arc of prime importance. In modern days, loans have become an inevitable component of commerce. In the absence of this facility many business houses and industries would face closure. But in this materialistic society loan-lending has become a profit-making enterprise. [it is for this purpose loans arc linked to interest and everybody likes to hike the rate of interest as much as he can. The logic advocated in defense of interest is that the money thus lent is used by the debtor to make money out of it and it is natural that a part of it should be given to the creditor. In this logic, the person who seeks the loan and his circumstances are ignored. Money gets precedence over man.
They argue the purchasing power of money is always fluctuating everywhere in the world. The lender would stand to lose by lending money without interest. Islam is against this materialistic mentality. It does not consider lending money to be a-profit-making process, but it is a way to help others. More than the compensation for the Joss of purchasing power of money, one should bear m mind the reward he would have with Allah for this monetary help. Once he has this realization he would not hesitate m granting more time for repayment or even waive the loan if the debtor is really in a financial crisis. Along with the condemnation of interest, Islam has recommended interest-free loan facilities.
O you who believe! Fear Allah, and give up what remains of your demand for usury, if ye are indeed believers. If you do it not, take notice of war from Allah and His messenger; but if ye turn back, you shall have your capital sums; deal not unjustly, and ye shall not be dealt with unjustly. If the debtor is in a difficulty, grant him time till it is easy for him to repay. But if you give it up by way of charity that is best for you if ye only know. And fear the Day when ye shall be brought back to Allah. Then shall every soul be paid what is earned and none shall be dealt with unjustly. Al Baqarah: 276-281.
On the one hand, debtors have been advised m the traditions to repay their debt in the best and on the other hand, creditors have been exhorted to be gracefully soft towards their debtors.
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