What is Qard Hasan?
Qard Hasan, which means "Benevolent Loan" in Arabic, is given to alleviate financial hardship for a fixed period. The borrower is required to only repay the original amount of the loan as Riba’ (interest) is unlawful in Islam. Qard Hasan, helps individuals during difficult circumstances.
Why Qard Hasan?
- Allah is the Creator, Sustainer, Provider of all income and wealth, and thus the owner of everything. He has entrusted mankind with wealth. Qard Hassan is to spend wealth for the benefit of mankind.
- In Islam, Qard Hasan is encouraged so much so that it is mentioned in the Qur’an as a good loan to Allah Himself.
- The social benefit is that when Qard Hasan helps those who are in need, it helps alleviate poverty, and thus helps in improving the condition of the society.
- Thus, every individual and institution has a social responsibility to assist those in need.
The objectives of Qard Hasan are to:
In many places of the Holy Qur'an, Allah has mentioned and encouraged Qard Hasan by assuring better reward in this world and in the Hereafter. In the Qur'an Allah says,
- He who will give Allah qard al hasan, which Allah will double into his credit and multiply many times. [Al-Baqarah (2): 245]
- If you give Allah qard al hasan. He will double it to your credit and he will grant you forgiveness. [ Al-Tagabun (64):17]
- And give Allah qard al hasan. [ Al-Maidah (5): 12]
- And give Allah qard al hasan, it will be increased manifold to their credit. [Al-Hadid (57): 18]
- Who is he that will give Allah qard al hasan? For Allah will increase it manifold to his credit. [Al-Hadid (57):11]
- Establish regular prayer and give regular charity and give Allah qard al hasan. [Al Muzzammil (73): 20]
The sunnah of the Prophet (s.a.s) is also very clear on this issue.
It is reported that the Prophet (saw) said, "in the night of the journey, I saw on the gate of heaven written, 'reward for sadakah is ten times and reward for qard al-hasan is eighteen times'. So, I asked the angel, how is it possible? The angel replied, "Because beggar who asked had already had something but a loanee did not ask for loan unless he was in need." [Ibn Hisham & Ibn Majah].
In another hadith reported by Abu Hurairah (R), the Prophet (s.a.s) said, "whoever relieves a believer from a difficulty in this world, Allah will relieve him from his difficulty and Allah will facilitate him in this world and world hereafter." [Muslim]
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