Islam has made the method for offering loans to the needy people and has given happy greetings on doing as such. At the point when taking an advance, an aim of returning it must be made, as this prompts the generosity of Allah Most High in this world and the following. It is specified in the Hadith:
Allah (Subhanahu Wa Ta’ala) helps the individual who takes a credit and has the goal of returning it. You will get reward even on the intention of repaying the loan.
The decision about this is the cash paying little heed to whether it stays with the borrower or the loan specialist, it is the property of the bank. It is the obligation of the borrower to reimburse the credit inside the stipulated period. If the lender dies, then giving away the money in charity is not correct, as then the amount becomes the inheritance of the heirs and inheritance cannot be given to others.
Taking a bank loan for construction of house
For an exceptionally critical need, there is a probability of taking a bank loan, however it is important to affirm that the need is to be sure a desperate one. The development of house is not a desperate need. Along these lines, taking an interest-based advance for this is not reasonable according to the Shariah.
Giving gold as credit
In the Shariah, giving gold as loan is permissible. In the event that gold is taken as an advance, then according to the Shariah, the same amount (weight) of gold must be returned. Here the changes in the cost of the gold are not viewed as, just the heaviness of the gold will be considered. In this way, if Rs. 80000 worth of gold is taken, then the heaviness of the gold for the said sum ought to be returned at the time of repayment. As given in Durre Mukhtaar, Vol. 4, Kitab Ul Buyu’
Supplication for debt clearance
After the Salaat (Namaz), you present Durud and discuss this Dua. Allah Ta’ala willing, your difficulties will be solved:
Transliteration: Allahumma Innee A’aoodhubika Minal Hammi Wal Huzni Wal ‘Ajzi Wal Kasli Wal Bukhli Wal Jubni Wa Zal ‘Id Daini wa Ghalabatir Rijali.
Interpretation: O Allah (Subhanahu Wa Ta’ala)! I seek your security from distress, from helplessness, from laziness, from miserliness, from cowardice, from debt and from being dominated by people.
You keep reciting this Dua with Durud after every Salaat. Allah willing, your difficulties will be dispelled.