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Aspects of the Islamic faith: Personal attitude to debt

Posted on 09 September 2011

Debt is a normal practice in human life. People often have need for money that they do not have. If they expect to have money at a later time and their need is immediate, they try to borrow from a friend or a financial institution.
In modern business, borrowing is a normal practice. Many a business will not flourish unless there are arrangements for borrowing and lending. Islam recognizes this need and establishes some detailed rules concerning debt and its repayment. The Prophet (peace be upon him) also lays down certain principles that people need to observe when they borrow and lend. ………………………………………Full Article: Source

 
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Laxman - who has written 19163 posts on Opalesque Islamic Finance Briefing.


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