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Hadith
Section
> A
Manual of
Hadith
> Chapter 25: Debts and Mortgage (Summary of the
Chapter) Chapter
25: Lending and borrowing are a necessary condition in human transactions, and the rules relating to them are laid down in the Holy Qur'an. Every such transaction should be written down, and the writing should be dictated by the person who owes the debt (v. 1). This latter direction guards against injustice being done to the debtor. Mortgaging of property is also allowed (v. 2), but the apparent condition of being on a journey or there being no scribe is simply a statement of the difficulties under which it becomes a necessity. The carrying on of a trade and drawing profit therefrom is placed on a different footing from lending money on interest, the first being the fruit of labour while the latter leads to ease and inordinate love of wealth (v. 3). A debtor in straitened circumstances must be dealt with leniently, and if he is unable to pay, the debt should be remitted (v. 4). Contracting debts was discouraged, and in his prayers the Holy Prophet sought refuge from being in debt as well as sin (h. 1). When a bier was brought to him and he was told that the dead one had died in debt and had left nothing for payment thereof, he refused to conduct the service personally until someone undertook the payment of his debt (h. 2). Contracting a debt when a man did not intend to pay it is denounced (h. 3), and the Holy Prophet's anxiety to pay his debts is shown in h. 4. Granting respite to a debtor and the remission of debt when the debtor is in straitened circumstances is recommended (H. xxii : 5). Payment in excess of the actual sum which a person owes is not interest; on the other hand, it is considered goodness (h. 5). Deferring payment by one who has the means is condemned as unjust (h. 6), and may even be punished (h. 7). The Muslim state is required to pay the debts of those who contract debts due to need; it must even maintain uncared-for families (h. 8). Mortgaging of property as security for payment of debt is allowed, and the mortgagee is allowed to derive benefit from it (hh. 9, 10). The case of insolvency is dealt with in hh. 11, 12. Usury, even interest, is forbidden, but it is prophesied that a time would come when people generally would be involved in it (hh. 13-15).
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