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Q: What should the wealthy lender do in case the debtor who is in financial difficulty can not pay his loan on time?
A: And if he (debtor) was in difficulty so postponement until a time of ease and if you
write (it) off as a voluntary charity it is better for you if only you knew.
Translation of: Ayah 280, Surat AlBaqarah.
Note: In a summary of a Holy Saying (= "Hadeesth Qudsi" directly from Allah
through the Angel Gabriel but not part of the Qur'an) said by the Prophet Muhammad: A man before you - when
the Angel came to take his soul it was said to him: Did you make any good. He said I do not know. It was
said to him: Think (again). He said: I do not know anything except that I was selling to people in Life and I
used to reward them (= Ujazeehim) by giving the rich person more time (to pay)
(= Unthir AlMousir) and by overlooking the impoverished
(= Atajawaz An AlMu'sir) so Allah admitted him to Paradise. Source: AlAhadeesth AlQudsiyyah, page 201.
Words: Thou Usrah = Was in difficulty, Fanathirah = So postponement - So delay, Maysarah
= Time of ease, Tasadaqou = Write off as a voluntary charity, Khair = Better.
Q: What greedy financial practices widened the gap between the rich and the poor as displayed in the financial protests
nowadays for example in Wall Street (USA) and Bay Street (Canada) protests (October 2011)?
A: Those who devour (take) usury* do not function (in life) except like the one who
functions when Satan has made him gone crazy - that is because they said that indeed trade is like
usury and Allah made trade allowed (= halal) and He forbade (= harrama) usury so
whoever receives a moral lesson from His God and he stops (usury) then to him belongs his past (gains) and
his matter will be referred to Allah and whoever repeats (taking usury) then those are the companions of Hell
in it they are remaining for eternity.
Translation of: Ayah 275, Surat AlBaqarah.
* According to Merriam Webster's Deluxe Dictionary, usury = the lending of money with interest charge
for its use especially the lending of money at exorbitant interest rates.
Note: Simply putting it trade in Islam is based on selling something
with profit that covers your expenses and gives you a little more on the money spent.
Words: Ya'koloun = Devour - Take, Yaqoumoun =
Function, Yatakhabatuhu AlShaytan Min AlMess = Satan has made him gone
crazy, Innama = Indeed, Albay' = Trade - Selling and buying,
AlRiba = Usury, Ahalla = Made allowed, Harrama = Forbade,
Mawidhah = Moral lesson - Advice, Entaha = Stops,
Salaf = Past, Amruhu Ila Allah =His matter is referred to Allah, Aad = Repeats- Returns.
Q: Why in Islamic finance the testimony of two women is equal to the testimony of one man?
A: O believers when you borrow money from each other to a stated term then do
put it down in writing and let between you a scribe write it down justly and let not a
scribe refuse to write as Allah taught him so let him write and let the debtor dictate and
let him (scribe) protect himself by fearing Allah his God and not to reduce anything of it -
but if the debtor is fool or feeble or he cannot dictate himself so let his guardian dictate
justly and have to witness two witnesses of your men but if there are not two
men then a man and two women from the witnesses whom you accept so that if any of
the two (women) forgets then one of them reminds the other and let not the witnesses refuse
when they are summoned and do not be fed up with writing it be it small or large to its date of
maturity - that is more equitable according to Allah and more appropriate for the testimony and
more suitable for you not to have suspicions - except when it is present-time transactions that you carry
out between you then there is no wrongdoing on your part if you do not put it down in writing - and
have witnesses when you trade with each other and no harm should be done to a scribe or to a witness - yet
if you do (harm) then it is straying away (from Allah's Path) on your part and protect yourselves by fearing Allah
and Allah teaches you and Allah of everything is All-Knowing.
Translation of: Ayah 282, Surat AlBaqarah.
Words: Tadayantum BiDayn = Borrow money from each other, Ajal Musamma =
Stated Term, Katib = Scribe, Yabkhas = Reduce, Alayhi AlHaqq = The debtor,
Safeeh = Fool - Mentally retarded, Dha'eef = Feeble, Yumil =
Dictate, Shaheedayn = Two witnesses, Tadhilla = Forgets, Tuthakkir = Reminds,
Aqsat = More equitable - More just, Aqwam = More appropriate, Adna = More suitable, Tartabou =To have
suspicions, Hadhirah = Present-time, Tudeerounaha = You carry out, Junah = Wrong doing -
Blame, Fusouq = Straying
away.
