Loan definition

Loan definition

Loan

The loan in the language means cutting, because the lender deducts part of his money and pays it to the borrower, but in the Sharia, the loan is the payment of money to those who benefit from it and the replacement of it, which is the door of attachment and expansion on the Muslims, has called the Prophet peace be upon him Mnihp; Money to the borrower to benefit from and then return it to the lender.

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Ruling on the loan

The loan is a well-known deed that is desirable because it involves the Muslim's exculpation and his need, and the great reward is due to him. The Prophet (peace and blessings of Allaah be upon him) said: "No Muslim will lend a Muslim a loan twice; May Allah be pleased with him, has been said that the loan is better than charity, because the loan is required only needy.

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Loan provisions in Islam
• The loan is required to:
• The lender should be the owner of the money for himself; it is not permissible for the guardian of the orphan to lend anything of his money.
• Determining the amount of money paid for the loan, whether in cash or in kind, so that the borrower can repay the loan to the lender.
• It is haraam for a lender to require the borrower to increase the loan when it is repaid. The scholars have unanimously agreed that the one who is required to increase or demand it or perform it with a gift or benefit is due to the loan.
• The lender must take money from the borrower by the same amount; the loan is not intended to trade or increase money at the expense of the need of the needy, but the lender gets the blessing in his money from God Almighty.
This money becomes a debt owed to the borrower and must be returned to the owner without delay or procrastination, because delaying the return of money from the corrupt properties, which made many people reluctant to make the loan to the needy and expand them because of such cases • If the borrower paid to the lender when the loan There is nothing wrong with accepting the money for a loan or a gift without the request or advice of the lender.
• Taking loans from banks for the purpose of marriage, construction, or buying a house or a car is a matter of disagreement among the scholars. Most see that these loans are haraam, because there is an increase in the share of the shares. The Prophet (peace and blessings of Allaah be upon him) said: It is a riba, "for every Muslim to investigate this matter from the scholars of trustworthy.