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Lending

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Landing (Arabic: قَرْض) is giving property to a person with his commitment to return it to the lender. According to the Qur'an and hadiths, lending is considered among recommended actions and the lender will receive great rewards from God. About the importance of lending, it is mentioned that giving “qard al-hasana” (قرض الحسنة, lit. “good loan”) is considered giving loan to God. It is a type of lending which is from permissible properties and is not spoiled by reminding the favor or harassment. In hadiths, it is also advised to be kind in taking back the loan.

Regarding the conditions for correctness of lending, in addition to general conditions such as maturity, will and volition, some specific conditions have been mentioned; such as being specified and possessable as the conditions of the property to be lent. If a certain time is specified for returning the loan, the lender cannot take it back prior to it. Also, making delay in returning the loan has been considered as a sin.

Setting the condition for paying back more than the amount of loan is considered usury and forbidden.

Meaning

Landing is giving property to a person with his commitment to return it to the lender.[1] In some verses of the Qur’an, “qard al-hasana” is used to refer to “good lending”; meaning a way of lending which is from permissible properties and is not spoiled by reminding the favor or harassment. However, in jurisprudence, “qard al-hasana” refers to giving interest-free loan.

Different verses of the Qur’an and hadiths have emphasized on the importance of qard al-hasana and have considered it giving loan to God. Verses 245 of Qur'an 2, 12 of Qur'an 5, 11 and 18 of Qur'an 57, 17 of Qur'an 64 and 20 of Qur'an 73 are about qard al-hasana.

Importance

According to the Qur’an and hadiths from the Prophet (s) and the Ahl al-Bayt (a), lending is considered among recommended actions and the lender will receive a great reward on the Judgment Day. Also, it has been advised by Imams (a) to be kind in taking back the loan and to be patient with the borrower. According to a hadith from Imam al-Sadiq (a), a person who lends to one in need and is kind to him in taking back, his sins will be wiped out. According to a hadith from the Prophet (s), lending is even better than giving charity.

Contrary to advice about lending in hadiths, borrowing has been denounced including in a hadith attributed to Imam Ali (a), in which borrowing has been prohibited, as it has been introduced a cause of humiliation during the day and sadness at night.

Rulings

In jurisprudence, lending refers to transfer of possession of a property to another, when in return, he undertakes to return it.

For correctness of lending, in addition to general conditions such as maturity, will and volition, there are some specific conditions, such as being specified and possessable as the conditions of the property to be lent (contrary to liquid intoxicants and pigs which are not possessable.) Also, the object of lending should be specified.

Some Rulings

According to Shia jurisprudence, if a certain time is specified for returning the loan, the lender cannot take it back prior to it, but if no certain time is specified, the lender may claim it whenever he wishes.

If the lender demands his claim, the borrower should give him back immediately and making delay in returning the debt has been considered a sin.

Usury in Lending

Usury in lending is when the condition is set that the lender should take back more than what he has given; whether it is explicitly mentioned upon lending or not. But, if such a condition is not set and the borrower willingly gives back more upon paying back, it is not considered usury or forbidden according to Shia and Sunni jurists.

Notes

  1. Farhang-i fiqh, vol. 6, p. 549.

References

  • The material for this article is mainly taken from قرض in Farsi WikiShia.