Ramadan 1445 AH — Day 22: Loans of Mercy
Jaabir said: The Messenger of Allah ﷺ cursed the one who consumes riba and the one who pays it, the one who writes it down, and the two who witness it, and he said: they are all the same. — Muslim
In a world driven by financial gains and material pursuits, the concept of loans of mercy stands out as a beacon of compassion, generosity, and social responsibility. This practice of providing loans without interest is rooted deeply in Islamic teachings. It also holds immense significance and merits for both the loaner and loanee.
Recently, it has become almost impossible to find a loan free from interest. Islam emphasizes the importance of interest-free loans as an act of charity and kindness to those in need. By providing these loans of mercy, you’re benefiting your brothers without burdening them with financial liabilities.
The Prophet ﷺ said:
“The best of you are those who are the most beneficial to people.” — Sahih al-Bukhari
Allah says:
“Who is it that would loan Allah a goodly loan so He may multiply it for him many times over? And it is Allah who withholds and grants abundance, and to Him, you will be returned.” — Qur’an 2[Al-Baqarah]:245
Abdur Rahman ibn Awf — may Allah be pleased with him, was renowned for his immense wealth and generosity. He extended numerous loans to those in need without expecting any interest upon repayment. This embodies the spirit of selflessness and benevolence. He would sometimes even forgive the loans to those indebted and unable to pay back. This practice fosters a culture of mutual support and solidarity, strengthening the fabric of society and fostering greater equality.
Abu Darda said: “For me to give two dinars as a loan which is then returned to me which I then give out as a loan again is dearer to me than giving them as charity.”
And when the loanee cannot pay the loan to the loaner at its stipulated time, it starts to count for the loaner as a good deed in multiples. Allah’s Messenger ﷺ said:
Whoever gives time to a borrower who struggles to pay back the sum before the loan is due will be given the reward of its equivalent in charity on every day that passes. However, whoever gives time after it is due will be given double its reward in charity on everyday that passes. — Majma’ Az-Zawa’id
Beyond the material benefits, giving interest-free loans carries immense spiritual rewards and blessings in Islam. By extending a helping hand to those in need through this system, a Muslim earns Allah’s pleasure and paves the way for blessings in this world and the Hereafter.
The Prophet Muhammad ﷺ stated:
“Whoever relieves a believer’s distress, Allah will relieve him of one of the distresses of the Day of Judgment.” — Sahih Muslim
As believers, it is incumbent upon us to uphold this noble practice, following the guidance of the Quran, emulating the example of the Prophet Muhammad ﷺ, and drawing inspiration from the exemplary lives of his companions. By doing so, we can contribute to the well-being of society, earn the pleasure of Allah, and attain spiritual elevation. Let us strive to be among those who lend with kindness, without expecting any worldly gain, for indeed, the greatest reward lies in the pleasure of our Creator.
Action Points
- If you have surplus wealth that’s not in use, revive this sunnah by giving out interest-free loans to those in need.
- Before you start disbursing, make sure you have established a clear framework in line with Islamic principles that define the amount, terms, conditions, duration, guarantors, and repayment modality.
- You don’t have to do this all alone. You can also leverage community networks to facilitate interest-free lending and support borrowers in need.
That’s it for today, take action on this Daily Revival and if you missed yesterday’s episode, you can find it here. I ask Allah to make it easy for you and me. Amin!
Yaumul Ithnayn 22nd Ramadan 1445 AH // Monday 1st April 2024.
- If you’d like to support a charitable cause this Ramadan, donate to Rafeeqee Foundation
- You may join my WhatsApp Broadcast channel called “Islamic Reminders” where you can find some more beneficial stuff.
- Finally, I made a practical video on how to crush your Ramadan goals using two non-conventional methodologies. You’ll find it on Pure Masculinity Podcast, don’t forget to subscribe.
