Loans & Debts

Q: I have a debt with my friend. He payed for a bowling event and I was supposed to pay him back. I've been wanting to pay him back but everytime I tried to pay him back he said that we will talk about it next time. However he did not say he will forgive my debt. How am I supposed to deal with this? I know that having a debt and not paying it can be a hurdle for me to enter heaven. If I donate it to the mosque will it considered as done? My previous teacher told me that as long as the person is still alive, I have to pay him. Its been a year already.

Q: Is it jaiz to pay gold as a loan to someone and demand the same amount of gold back when he wants to pay back the loan?

Q: If a person is paying someone in instalments for a house. What should be done if the creditor passes away before all the instalments are paid? Who should the outstanding instalments be given to?

Q: I want to know about subsidizing loan sanction by the government under some scheme to minorities. It is the scheme run by the government on certain sectors. The scheme is:

25% amount of the scheme will be paid by the government and 75% of the loan will be directed to any bank to pay on interest. If we calculate the interest repayment it comes to nearly 25% which is already paid by the government. It means we get a loan with no interest and we have to pay only the principle amount. This type of loan scheme is only for particular sectors and eligibility criteria. As these types of schemes are particularly for minority community and many Muslims involve in it. Can this be halal? Please enlighten to us.

Q: Can I take a loan from a bank for business purposes?

Q: Is it permissible in Islam to take out a loan for my business. I want to take out a commercial loan from the bank for my business. Can I take out the loan?

Q: My question is about bank loans. What does Islam say about taking a loan when the bank describes the mark up at 19%?

Q: I want to ask a question about qarz. Once when I was younger like 10 years old, I asked my friend for some money and he gave it but today I heard if you don't pay back the money, you are in trouble with Allah Ta'ala and are going to get punished after death but I am pretty sure that friend said he doesn't need the money and I don't have to repay him because he's my friend so do I still have to pay him his money back? It was like 1 pound only.

Q: I am living in a GCC country for the past 20 years. I didnt have enough understanding with ribaa and was having bank loans and credit cards. In early 2008 I performed hajj and made alot of tobah with ribaa and after that I had chances but didnt take it anymore. Later my business got collapsed I got bankrupt and I couldnt repay bank loans. Since that time i owe banks money And my full intention was to repay the money somehow but I got total loss and now I am just jobless for around 2 years now in dire constraints completely. I want to ask you that if I leave the country without paying back the loans what I have trying hardest for the last 7/8 years...and there is no way to return and I am getting worse situation. Will I be held responsible or is it gonna be sin if I leave without paying as per my financial situation.

Q: Is the system of committee in which a huge sum of money is collected by members of a group and given to one person at a time and then this person has to pay back the money he received at monthly intervals lawful in Islam? What is it's ruling in shariah?