During the difficult times of pandemic covid 19, our Malaysian government has given some mandate to those deserving of the loans to ease the difficulties they have been facing.
Therefore since once our economy have slowly improved; those who were given the mandate must be prepared to pay back the loans.
Loans are not only given during these trying times but also given to those who needs to purchase certain necessities especially in this modern day.
We need to have a car for travelling to the office and back, a nice sofa in our home or a good fridge to store our food is essential. However most of us, who are just middle income earners may not be able to afford these necessities all at once, hence the loan comes in very convenient.
Therefore the banks will often offer credit facilities such as personal loans or credit cards to the middle income earners so that they have an easy way to pay for these esssential items. These facilities must be utilized very carefully and with much precautions.
A loan or debt given by instituitions or banks is a convenience for us to live a comfortable life, which we must honour to pay. However it does not matter if the loan is given by instituitions or by friends or family, we need to uphold the agreement to pay the loan in sha Allah.
When there is debt, there is a promise for the repayment of that loan.
So what happens if we are not able to pay the debt?
Paying back debts is compulsory because the money was given to help ease our difficulties in accquiring these necessities. If we are not able to make the payment, we will be in debt and we will be sinning. NauzubiLlahi min zalik
During the life of our beloved nabi Muhammad’s (saw), a person who had just died was brought to our beloved Nabi (saw) so that our beloved Nabi can perform the solah janazah. (During that time, it would be a unique blessing if our beloved Nabi performed the solah). Our beloved Nabi would ask if the person has debts or not?. It so happened that the demised person had some minor debts. Knowing of which our beloved Nabi (saw) refused to perform the solah janazah until Saidina Umar / Abu Bakar (r) paid the debt for him. Having settled the debt, only would our beloved Nabi (saw) performed the solah janazah, Allahu akbar!
This shows that how serious that having a debt is and how important to settle the loan and debt as soon as possible!
Dear Allah please protect all of us from having loans and if we do, please make it easy for all of us to make the payment back. Subhana Allah.
Before entering into an agreement for a loan, either from an instituition or an individual, there must be certain procedures that we must adhere to so that the loan transaction will be according to the laws of the syariah and fair for both parties.
The procedures must be:
1) documented the exact amount of loan and the exact duration for the repayment / settlement. Schedule the monthly amount of repayments.
2) witnessed by 2 men who are reliable and trustworthy, made an official stamped agreement.
3) must be free from any riba or high interest that the loaner will not be able to make the payment. RIBA IS HARAM IN ISLAM. NauzubiLlahi min zalik.
This is to safeguard the accountability and to make sure the loan / debt to be returned back accordingly.
It is compulsory to make proper agreements, this is a responsibility of both parties in order to make certain that the debt must be paid as promised.
These are also the blessing of Allah swt, to protect the loaner against someone who needs to pay the debt and from other people making more debts towards them.
Certainly a life without loan and debt is peaceful, so before we intent to take on another loan from another person, first of all take this point – that we must complete the first loan payment first and we must have a proper plan to pay back the debt.
Too many loans will burden our soul and our subconscious mind thus sometimes creating instability in our daily life. NauzubiLlahi min zalik.
Ya Allah we seek in You from being overcome by debt and being put in subjection by men.
Ya Allah please protect us from being in debt and if we do, please ease our burden by making our payment of debt easy. Ameeen ameeen ameeen ya Allah.