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State the Conditions of borrowing and lending money.

State the Conditions of borrowing and lending money.

Answers

Kavungya
i. There should be no interest charged.
ii. Both parties should be mature and of sound mind.
iii. There should be a written agreement signed by both parties.
iv. There must be witnesses to the transaction.
v. The borrower should be allowed more time if he is unable to pay on time.
vi. Date of paying back should be stated.
vii. Money borrowed should be used for halal purposes.
viii. Lender should not attach conditions or expect favours from the borrower.
Kavungya answered the question on June 21, 2019 at 10:29

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