A burden heavier than imagined

For reasons not quite isolated from inadequate resources, people have cause to borrow money to solve or resolve problems; start or sustain businesses; or more importantly maintain themselves or their families. Hard times are daily forcing people to borrow money (where it involves little cash) or take loans (where it involves large sums). Whether the money borrowed is little or much; whether for a short or long repayment period, money borrowed for whatever reason is a debt. Surprisingly, few people realize the burden(s) associated with debt. The liabilities inherent in a debt are not as ordinary as seen by many.

A loan (in the ordinary man’s language) or credit facility (in financial language) remains a burden until it has been settled. The triviality, carelessness, and the recklessness with which some of us, today, approach the subject-matter of debt prompted this discourse. While it is permitted (halal) to borrow money, it is compulsory on the borrower to pay it back as and when due. Sadly, some debtors think there’s nothing wrong when they default on the debt payment terms agreed upon with the lender. Probably out of ignorance, some people think there’s no obligation to pay back the money they borrowed if the lender is rich. To such people, it does not matter whether the lender is an individual, corporate organizations such as banks or cooperative societies, or even religious institutions. Using family tie or other forms of relationships that exist between the lender and the borrower as an excuse to dodge or outrightly refuse prompt settlement of financial obligations categorized as debt is fraudulent, un-Islamic.

It is scandalous to assume that money borrowed, whether in little or big sum, from a rich person should not be settled simply because the lender is wealthy. Similarly, it lacks basis in Islam for a debtor to use his poor financial status as a reason to flout the terms or conditions agreed upon for the repayment of the money borrowed from others. The disregard for the principles provided for borrowing and settling debts, as crucial as they are in Islamic financial jurisprudence is dangerous for defaulters on the Day of Reckoning. 

Anyone who, as a believer, knows the implications of unpaid loans would rush to settle the debts he owed his creditors as soon as the ability to do so was available. After purchasing the shrouding sheet for a deceased from his own wealth (if he had any), the next thing his heirs are required to do is to settle the deceased’s debts without delay. The burden of unsettled debts is, indeed, heavier than imagined by most people.

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The longest verse in the holy Qur’an is about debt and the principles guiding the obligations of the parties involved. The full text of the verse under reference is in Qur’an 2:282 wherein Allah says. “O ye who believe! When ye deal with each other, in transactions involving future obligations in a fixed period of time, reduce them to writing. Let a scribe write down faithfully as between the parties; let not the scribe refuse to write as Allah has taught him; so, let him write. Let him who incurs the liability dictates, but let him fear his Lord, Allah, and not diminish aught of what he owes. If the party liable is mentally deficient, or weak, or unable himself to dictate, let his guardian dictate faithfully. And get two witnesses out of your own men, and if there are no two men, then a man and two women such as ye choose for witnesses so that if one of them errs, the other can remind her. The witnesses should not refuse when they are called on (for evidence). Disdain not to reduce to writing (your contract) for a future period whether it be small or big; it is fairer in the sight of Allah, more suitable as evidence, and more convenient to prevent doubt among yourselves. But if it be a transaction which ye (would) carry out on the spot among yourselves, there’s no blame on you if ye reduce it not to writing, but take witnesses whenever ye make a commercial contract; and let neither scribe nor witness suffer harm. If ye do (such harm), it would be wickedness in you. So, fear Allah; for it is Allah that teaches you. And Allah is well-acquainted with all things.”

The above verse says everything about borrowing and lending as a contract. Debt is not all about borrowing cash. It could be in terms of goods or services. This is why the Qur’an provides that, as a contract, the agreement should be documented; except where it involves on-the-spot transactions which would begin and end immediately. The borrower, the lender, and the witnesses to the documented terms of agreement are each obliged in Islam to fear Allah while reducing their undertakings into writing. The conditions stipulated for bearing witness in a credit agreement, whether of cash, goods, or services, must be fulfilled.

While borrowing may be a necessity, paying creditors is obligatory. Let us not take our creditors or the privilege to borrow money from others for granted. May Allah support us to live a life without borrowing, amin.