Borrowing and lending have serious consequences as the effect of loan in Islam. The rules are simple if you borrow someone else’s money so you have to pay off your debt as soon as possible. But, if you are the one who lending some money for others, and they are not pay off you as soon as possible it is permissible to collect your money back from them.
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In the Islamic way, having debt is something you need to be done as soon as possible. Collecting debt from someone who owes you sometimes can be hard tough as the bad impact of debt in Islam. That is why there is some rule of collecting debt from someone who owes you in Islam based on the Quran.
1. Collect Debt Based on The Written Transaction
In Islamic rule, every debt should be written perfectly so that it will not make any dispute on the other day. When you try to collect the debt from others, use this transaction, and get them at the time as written on there such as on the online forex trading in Islam.
On the Quran surah, Al Baqarah verse 282 mentions about this.
يٰٓاَيُّهَا الَّذِيْنَ اٰمَنُوْٓا اِذَا تَدَايَنْتُمْ بِدَيْنٍ اِلٰٓى اَجَلٍ مُّسَمًّى فَاكْتُبُوْهُۗ وَلْيَكْتُبْ بَّيْنَكُمْ كَاتِبٌۢ بِالْعَدْلِۖ وَلَا يَأْبَ كَاتِبٌ اَنْ يَّكْتُبَ كَمَا عَلَّمَهُ اللّٰهُ فَلْيَكْتُبْۚ وَلْيُمْلِلِ الَّذِيْ عَلَيْهِ الْحَقُّ وَلْيَتَّقِ اللّٰهَ رَبَّهٗ وَلَا يَبْخَسْ مِنْهُ شَيْـًٔاۗ
“O believers! If you owe a debt for a specified time, you should write it down. And let a writer among you write it correctly. Let the writer refuse to write it as God has taught him, so let him write it. And let the one who owes it dictates, and let him fear Allah, his Lord, and let him not reduce the slightest of it,” (QS 2: 285)
2. Come With the Witness
If someday, just in case someone that owes you forget about their debt, you need to come with the witness once you get the debt agreement made. It is important to make them pay you off their debt to you but it will be different from the law of online loans. The witness should come to help them remember that they have some debt they should pay to you.
On the Quran surah, Al Baqarah verse 285 mentions about this.
فَاِنْ كَانَ الَّذِيْ عَلَيْهِ الْحَقُّ سَفِيْهًا اَوْ ضَعِيْفًا اَوْ لَا يَسْتَطِيْعُ اَنْ يُّمِلَّ هُوَ فَلْيُمْلِلْ وَلِيُّهٗ بِالْعَدْلِۗ وَاسْتَشْهِدُوْا شَهِيْدَيْنِ مِنْ رِّجَالِكُمْۚ فَاِنْ لَّمْ يَكُوْنَا رَجُلَيْنِ فَرَجُلٌ وَّامْرَاَتٰنِ مِمَّنْ تَرْضَوْنَ مِنَ الشُّهَدَۤاءِ اَنْ تَضِلَّ اِحْدٰىهُمَا فَتُذَكِّرَ اِحْدٰىهُمَا الْاُخْرٰىۗ وَلَا يَأْبَ الشُّهَدَۤاءُ اِذَا مَا دُعُوْا ۗ وَلَا تَسْـَٔمُوْٓا اَنْ تَكْتُبُوْهُ صَغِيْرًا اَوْ كَبِيْرًا اِلٰٓى اَجَلِهٖۗ ذٰلِكُمْ اَقْسَطُ عِنْدَ اللّٰهِ وَاَقْوَمُ لِلشَّهَادَةِ وَاَدْنٰىٓ اَلَّا تَرْتَابُوْٓا اِلَّآ اَنْ تَكُوْنَ تِجَارَةً حَاضِرَةً تُدِيْرُوْنَهَا بَيْنَكُمْ فَلَيْسَ عَلَيْكُمْ جُنَاحٌ اَلَّا تَكْتُبُوْهَاۗ
“…If the person who owes it is a person who lacks sense or is weak (his condition), or is unable to dictate himself, then his guardian should dictate it correctly. And witness with two male witnesses among you. If there are no (witnesses) two men, then (may be) a man and two women among the people that you like from the witnesses (existing), so that if one forgets, then the other reminded him. And don’t witnesses refuse when called. And do not be bored writing it down, for the time limit both (debt) small or large. That is, the more just in the sight of God, the more able to strengthen the testimony, and the closer you are to indecency, unless it is a cash trade that you run among you, then there is no sin for you if you don’t write it down,” (QS 2: 285)
3. Make The Charity
If someone that you lend the money has a difficult situation, and make them impossible to pay you back, then it is permissible for you to make the debt becomes your charity to them. It is lawful to do and Allah loves them who make the charity in Allah’s way. Don’t make it difficult because Allah loves the easiest way to get His blessing.
On the Quran surah, Al Baqarah verse 280 mentions about this.
وَاِنْ كَانَ ذُوْ عُسْرَةٍ فَنَظِرَةٌ اِلٰى مَيْسَرَةٍ ۗ وَاَنْ تَصَدَّقُوْا خَيْرٌ لَّكُمْ اِنْ كُنْتُمْ تَعْلَمُوْنَ – ٢٨٠
“And if (the person owes it) is in trouble, then give a grace period until he gets relief. And if you give, it is better for you, if you know.” (QS 2:280)
4. Don’t Try To Take Any Advantages
If you lend your money to someone, don’t try to take any advantages of it. In Islam, the way you lend your money to them is the way you help them, and if you try to take some advantages of it, it will become usury. Besides, there are some reasons for prohibition Riba in Islam that you should follow.
Based on the Quran surah Al Baqarah verse 278 mentions about this.
يٰٓاَيُّهَا الَّذِيْنَ اٰمَنُوا اتَّقُوا اللّٰهَ وَذَرُوْا مَا بَقِيَ مِنَ الرِّبٰوٓا اِنْ كُنْتُمْ مُّؤْمِنِيْنَ – ٢٧٨
“O, believers! Fear Allah and leave the rest of usury (which has not been collected) if you are a believer.” (QS 2:278)
5. Accept Other Things
It is permissible to someone that tries to pay off their debt to you in other things outside of money. But it has to be accountable as clear as the money they owe you. Remember, don’t try to take any advantages of it such usury.
Such as mentions in the Quran surah Al Baqarah verse 276
يَمْحَقُ اللّٰهُ الرِّبٰوا وَيُرْبِى الصَّدَقٰتِ ۗ وَاللّٰهُ لَا يُحِبُّ كُلَّ كَفَّارٍ اَثِيْمٍ – ٢٧٦
“Allah destroys usury and fertilizes alms. Allah does not like everyone who remains in disbelief and is filled with sin.” (QS 2:276)
So, there are 5 rules in Islam about the rules of collecting debt from someone who owes you. Make them easier to pay you back so that you will get Allah’s gratitude.