UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

Qard Al Hassan in Islamic Finance

Qard Hasan, Wadiah/Amanah and Bank Deposits: Applications and Misapplications of Some Concepts in Islamic Banking By Mohammad Omar Farooq

Qard Hasan Wadiah Amanah and Bank Deposits ( Click on Link to the Left)



‘This is a loan extended on a goodwill basis and the debtor is only required to repay the amount borrowed. However, the debtor may, at his or her discretion, pay an extra amount beyond the principal amount of the loan (without promising it) as a token of appreciation to the creditor. In the case that the debtor does not pay an extra amount to the creditor, this transaction is a true interest-free loan. Some Muslims consider this to be the only type of loan that does not violate the prohibition on riba, since it is the one type of loan that truly does not compensate the creditor for the time value of money.’ (Wikipedia)

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Qard Al Hassan

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