5 Rules of Borrowing Money in Islamic Law

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There must be some rules on borrowing something from someone. Whether for clothes, school tool kits, or even money. For some reason, borrowing money from someone becomes a crucial thing.

When someone lends you the money you need, that will make you have the responsibility to pay them back. Even it looks easy, in fact, sometimes it can be hard to face the things that you owe someone else’s money.

That is why in Islam there is a rule that is summarized in the Islamic law about borrowing money. Here we have some of them that are written in the Quran. Let’s check them out below!

1. Mutual Agreement

In Islamic law, mutual agreement becomes one of the important things to do when you borrowing money from someone or some organization. The mutual agreement will help both of them to lend and borrowing money such as you do the prayer to protect you from bad luck in Islam.

There will be some sentences about the amount of money you will borrow, the time you will pay them back, and another rule you need to settle your borrowing process. Those will be the part following the mutual agreement you’ve got between you and the lender.

Following the Quran surah Al Maidah verse 2, the mutual agreement is the part of helping someone in real life.

وَتَعَاوَنُوْا عَلَى الْبِرِّ وَالتَّقْوٰىۖ وَلَا تَعَاوَنُوْا عَلَى الْاِثْمِ وَالْعُدْوَانِ ۖوَاتَّقُوا اللّٰهَ ۗاِنَّ اللّٰهَ شَدِيْدُ الْعِقَابِ – ٢

“And help each other in (doing) righteousness and piety, and do not help in sin and enmity. Fear Allah, verily Allah is severe in punishment.” (QS 5: 2)

2. Committed to Pay Back

As the one who borrowed someone else’s money, you need to be responsible to pay them back. It must be sentenced once you have got the mutual agreement with the one who lends you the money. Moreover, the lender must want you to pay them back instead of making some types of Sadaqah in Islam.

In Islamic law, committed to paying back is a must. It becomes one of the rules of borrowing money in Islamic law. The responsible of yours for the payback may build a good relationship between you two.

3. Written in Actual Record

In Islamic law, when you borrowing money there should be someone who writes your loan. It is better to avoid something that may harm both of you and the lender. It includes how you will pay them back based on the rules of collecting debt from someone who owes them.

The written documents about your loan can be an actual record that is so helpful for you to see how you will pay them back on the record. No matter how much the amount of money you borrowed, you need to make a record of it.

It mentions on the Quran surah AL Baqarah verse 282 below.

يٰٓاَيُّهَا الَّذِيْنَ اٰمَنُوْٓا اِذَا تَدَايَنْتُمْ بِدَيْنٍ اِلٰٓى اَجَلٍ مُّسَمًّى فَاكْتُبُوْهُۗ

“O you who believe! If you pay debts for a specified time, you should write them down,..” (QS 2:282)

4. Witnessed by Two People

The basic rule of borrowing money in Islamic law is to have to be witnessed by at least two people. This is important so that if someday you have some trouble with your loan, the witness will help both of you and the lender with their perception.

The witnessed are better if they come from both of the parties as part of the loan and debt in Islamic law. That makes a sense of clear sentences towards your loan in the future until you are capable to pay them back. It looks simple, and you need to do these things right as it writes on the Quran Al Baqarah verse 282.

وَاسْتَشْهِدُوْا شَهِيْدَيْنِ مِنْ رِّجَالِكُمْۚ فَاِنْ لَّمْ يَكُوْنَا رَجُلَيْنِ فَرَجُلٌ وَّامْرَاَتٰنِ مِمَّنْ تَرْضَوْنَ مِنَ الشُّهَدَۤاءِ اَنْ تَضِلَّ اِحْدٰىهُمَا فَتُذَكِّرَ اِحْدٰىهُمَا الْاُخْرٰىۗ وَلَا يَأْبَ الشُّهَدَۤاءُ اِذَا مَا دُعُوْا ۗ

“And testify with two male witnesses among you. If there are not (witnesses) two men, then (permissible) a man and two women from among those whom you like from the witnesses (those who are), so that if one forgets, the other remind him.” (QS 2:282)

5. Know the Rate of the Money

Sometimes you may have to borrow money in so much amount which brings you to be the knowledgeable person. At this rate, you need to know more about the rate of the money you borrowed. Just in case it will cause you from the high usury as the part of the law of mutual funds in Islam.

In Islamic law, there be such amount of money that takes the usury legally. You need to know the deal from how much it appears the usury to your money that you will borrow. High usury is unlawful in Islamic law that you need to take some actions before taking it.

It mentions on the Quran surah Al Baqarah verse 275 about the usury that you need to know.

اَلَّذِيْنَ يَأْكُلُوْنَ الرِّبٰوا لَا يَقُوْمُوْنَ اِلَّا كَمَا يَقُوْمُ الَّذِيْ يَتَخَبَّطُهُ الشَّيْطٰنُ مِنَ الْمَسِّۗ ذٰلِكَ بِاَنَّهُمْ قَالُوْٓا اِنَّمَا الْبَيْعُ مِثْلُ الرِّبٰواۘ وَاَحَلَّ اللّٰهُ الْبَيْعَ وَحَرَّمَ الرِّبٰواۗ فَمَنْ جَاۤءَهٗ مَوْعِظَةٌ مِّنْ رَّبِّهٖ فَانْتَهٰى فَلَهٗ مَا سَلَفَۗ وَاَمْرُهٗٓ اِلَى اللّٰهِ ۗ

“Those who eat usury cannot stand but like the standing of a person who is possessed by a devil because of madness. That is because they say that buying and selling are the same as usury. In fact, Allah has permitted buying and selling and forbids usury. Whoever gets a warning from his Lord, then he stops, then what has been obtained before belongs to him and his affairs (up to) to Allah.” (QS 2:275)

So, there are some rules about borrowing money in Islamic law based on the Quran. Is there any of you that ever borrowing money from someone or a bank?

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