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View By Subject 4 fatwas
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A creditor asking debtor to pay back gold instead of the cash he borrowed
Assalam o alaikum dear scholars. If someone gives me some amount on loan that is equal to 100 grams of gold at this time. And asks me to return 100 grams of gold instead of amount whenever i will return the loan. Is this interest in Islam. Whether i should return borrowed amount or 100 grams of gold
.. More
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A loan must be paid as taken, and if not possible, the value is to be estimated
In 1990, I lent nearly 150,000 dollars to a person, and he wants to pay me this year, 2001, while the sum is now equal to only 1500 dollars. When I lent him the money I did not agree with him on which currency he would pay me, whether by the dollar or by the local currency. The local currency at that time was the Sudanese pound and now it is the Sudanese.. More
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Repaying the value of a debt
My contention is not with what is written.
If I borrow a tangible item from someone such as a quantity of food, or an article of clothing that I wear out then I must pay back what is borrowed.
Money is an abstract representation of such articles representing an amount of goods for the convenience of trade as a replacement to a barter system... More
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A loan taken 10 years ago has increased in value in the local currency; the original balance is due
"My father who was living in Jordan borrowed ( 15,000) from his brother in America in1987. At that time the 15,000 equaled JD4,500 Jordanian Dinars, and my father exchanged the dollars into Jordanian Dinar and used them. Now, 10 years later, he is able to return the money to his brother, but 15,000 equals about 10,000 Jordanian Dinars and not 4500... More
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