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AL-QARDH
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AL-QARDH

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AL-QARDH AL-QARDH Presentation Transcript

  • MAHYUDDIN KHALID  emkay@salam.uitm.edu.my
  • CONTENT  DEFINITION DEFINITION  EVIDENCE EVIDENCES  PILLARS OF AL-QARDH  CONDITIONS OF AL-QARDH PILLARS  QARDH AL-HASSAN QARDH  EVIDENCE AL-HASSAN  OBJECTIVES OF QARDH AL-HASSAN OBJECTIVES  APPLICATION OF QARDH AL-HASSANAPPLICATION 2
  • DEFINITION  Qardh: Loan/ Debt DEFINITION  Literally: EVIDENCES  To cut something off; money given to the borrower is called Qardh since portion that has been cut off PILLARS from the property of the lender  Also known as al-Salaf or al-Dayn QARDH AL-HASSAN  Technically:  Specific contract on transferring a specified OBJECTIVES property to another party on condition that a similar property will be given back in returnAPPLICATION 3
  • NATURE OF AL-QARDH  The property can be any type of assets ranging from DEFINITION cash money, livestock or business  It is called qardh, as through this contract a certain EVIDENCES part of the lenders property is cut off and given to the PILLARS borrower.  Qardh refers to a contract through which a lender QARDH gives a certain homogenous property to a borrower on AL-HASSAN the condition that the latter is responsible to return a OBJECTIVES similar property immediately upon a demand or at a specified time.APPLICATION 4
  • EVIDENCE  Quran DEFINITION EVIDENCES PILLARS  Hadith  Narrated by Anas ibn Malik: The prophet saw said: QARDH AL-HASSAN  I saw on the night of Isra’ something written on the gate of the paradise. Donation(sadaqah) is rewarded 10 OBJECTIVES folds, and qardh is rewarded 18 folds.  I asked Gibrail: Why is it giving Qardh is better than donation? He replied: Because the receiver of theAPPLICATION donation asked for it while he actually has something, but the borrower will not ask for loan except when there is a necessity 5
  • EVIDENCE  Ijma: DEFINITION  The scholar had formed an ijma’ that Qardh is permissible in Islam EVIDENCES  This contract is classified under the category of PILLARS contracts pertaining to the utilization of usufruct (aqad al-manfa’ah) QARDH AL-HASSAN  There is no actual transfer or exchange of property involved. OBJECTIVESAPPLICATION 6
  • PILLARS OF QARDH  Muqridh DEFINITION  Creditor or Lender EVIDENCES  Muqtaridh  Debtor or Borrower PILLARS  Maal  Property QARDH AL-HASSAN  Sighah OBJECTIVES  Ijab: Offer  Qabul: AcceptanceAPPLICATION 7
  • FLOW OF AL-QARDH DEFINITION Muqridh (Creditor) EVIDENCES Qabul (Acceptance) PILLARS Ijab (Offer) QARDH Maal AL-HASSAN (Property/ Asset) OBJECTIVESAPPLICATION Muqtaridh (Debtor) 8
  • CONDITIONS OF QARDH  Ijab (Offer) and Qabul (Acceptance) DEFINITION  Must be in a very clear and concise type of sighah (offer & acceptance) EVIDENCES  Ahliah PILLARS  Eligibility of the contracting parties (sane, adults & qualified) QARDH AL-HASSAN  Quantity and Quality  Must be specified in quantity, weight & quality OBJECTIVES  Items that are not mixed with other materialAPPLICATION 9
  • QARDH AL-HASAN  Literally DEFINITION  Qardh means cutting off. EVIDENCES  Hasan means benevolence, beautiful, and kindness.  The term al-qard al-hasan literally means beneficial PILLARS loan, benevolent loan, gratuitous loan, and beautiful loan. QARDH AL-HASSAN  A debt that is free from any type of predetermined condition or promise to repay back more than the OBJECTIVES original amount stated in the contract, but a special token is sincerely given by the debtor to the lenderAPPLICATION during debt settlement not because any written agreement or any predetermined provision or term 10
  • QARDH AL-HASAN  Under Qardh al-Hassan, borrowers or debtor con DEFINITION voluntarily give some extra amount more than the loan principle provided that: EVIDENCES 1. Not stated in the contract PILLARS 2. Not have agreed upon 3. Not predetermined in any manner by both parties QARDH AL-HASSAN OBJECTIVESAPPLICATION 11
  • EVIDENCE  Quran: DEFINITION EVIDENCES PILLARS  The Quran verses explains Qardh al-Hassan QARDH AL-HASSAN between Allah and the believers whereby it is actually an offer from Allah for them to lend their OBJECTIVES energy, time and property in Qardh al-Hassan mannerAPPLICATION  They will receive back all the things that they had sacrificed for the sake of Allah plus all extra rewards that will be given to them 12
  • EVINDENCE  Hadith: DEFINITION  Abu Rafi said: The prophet (s.a.w) borrowed a young camel and then the camels from the zakat came to him. EVIDENCES He ordered me to repay the man his young camel.  I said, I can only find a good camel in its seventh year PILLARS among the camels QARDH  The prophet said, “Give it to him. The best of people are AL-HASSAN those who discharge their debts in the best manner” OBJECTIVESAPPLICATION 13
  • OBJECTIVES OF QARDH AL-HASAN  To help the needy fellow people. DEFINITION  To establish better relationship among poor and the EVIDENCES rich.  To mobilize wealth among people in the society. PILLARS  To facilitate the poor to create new jobs market and QARDH business ventures by using their merits, skills and AL-HASSAN expertise. OBJECTIVES  To establish a caring society.  To eradicate unemployment problem from theAPPLICATION society.  Great reward in the Hereafter for qardh al-hasan, 14
  • CHARACTERISTICS OF QARDH AL-HASAN  It is flexible with respect to collateral. DEFINITION  Documentary procedures are usually very simple EVIDENCES  Loans are usually small in size, approval procedures rapid and disbursement quick PILLARS  There are no interest charges involved QARDH  The fund has easy access to capital contributors and AL-HASSAN borrowers because of its local base OBJECTIVES  The fund managers, who are drawn from capital contributors, are fully accountableAPPLICATION 15
  • MODERN APPLICATION  Personal financing DEFINITION  Government Investment Certificate EVIDENCES  Hybrid Islamic Credit Card PILLARS QARDH AL-HASSAN OBJECTIVESAPPLICATION 16
  • END OF CHAPTER DEFINITION EVIDENCES PILLARS QARDH AL-HASSAN  OBJECTIVESAPPLICATION 17