Qard Hassan definition

Qard Hassan means an interest-free benevolent loan in accordance with the Shariah principles;
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Examples of Qard Hassan in a sentence

  • Except for Wakalah fees, allocation charges and Qard Hassan, no other inter-segment transactions occurred during the year.

  • In addition, Murabahah is most used among Islamic financial services (35 IMFIs), ahead of unpaid deposits (11 IMFIs), Qard Hassan and Mucharakah (7 IMFIs) and Mudharabah (6 IMFIs); other Islamic services are used by very few IMFIs (Sanabel, 2012).

  • However, what may be suitable does not fit the facts:in regard of total assets for Islamic financial products in 2010, the share ofMudharabah and Mucharakah is only a little over six per cent, whereas that of Murabahah accounts for two thirds and Qard Hassan for one quarter (Zulkhibri, 2016).

  • The social nature of Islamic finance emerges most clearly in the practices of Zakat and Qard Hassan.

  • Deficit in participants’ funds that cause cash deficit which results in participants’ fund inability to meet its day to day expenses and obligations, a Qard Hassan must be extended immediately by shareholder fund.

  • Finally, the mode of Qard Hassan (benevolent loan) is the only mode of free of charge principle.

  • And any predetermined payment over the above actual amount of principal sum is prohibited in Islam.20 An exception to this is the loan in the form of Qard Hassan (free interest loan) which does not accept any interest or additional amount against the money lent.

  • The management of the Company believes that the takaful business will be able to generate sufficient profits in future to repay the Qard Hassan.

  • At first, a creditor lends money to a borrower with no interest (Qard Hassan).

  • Qard Hassan therefore cannot be issued with any condition, explicit or implicit, of giving an addition to the provider of the Qard, any such giving is prohibited as being plain interest regardless of names one may give to it.

Related to Qard Hassan

  • Qard means a contract of lending money whereby the borrower is obliged to repay the equivalent amount to lender.

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