2. "Believers! Whenever you contract a debt from one another
for a known term, commit it to writing. Let a scribe write it
down between you justly, and the scribe may not refuse to
write it down according to what Allah has taught him; so let
him write, and let the debtor dictate; and let him fear Allah,
his Lord, and curtail no part of it..."
3. Borrow only if necessary
You should try to relate your consumption to your income
remembering the saying of the Prophet (peace be upon
him), "May Allah prevent me from sin and borrowing." You
are not supposed to borrow unless it is necessary.
4. Borrow for a Fixed Time Period & Record It
When friends and relatives borrow from one another it is generally considered
unseemly either to commit these loans to writing, or to have them attested by
witnesses. Such an act is considered a sign of distrust. However, Allah enjoins
that whenever loans or business transactions take place, their conditions
should be recorded in black and white and should be attested by witnesses so
that there remains no ground for misunderstanding or dispute. In times such
as ours, when every action, whether at personal, social, political, or economic
level is recorded and computerized, we may be able to appreciate the
practicality, wisdom, and sophistication of the commandments of Allah SWT
and the Prophet (peace be upon him), given to us as a blessing, over 1400
years ago!
5. Three Kinds of People whose Du'a will not be
Accepted
In a Hadith, the Prophet (peace be upon him) mentioned that
there are three kinds of people whose grievances and Dua will not
be accepted or heeded by Allah. One of them is a person who
loans out his money to a person without making anyone a witness
to that transaction. [at-Tabari]
