Living by It. One lesson a day…

… from Quran. Changing slowly, but surely.

Lesson 32 – The How’s of Entering Into a Contract April 9, 2010

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Rabi Al-Sani 26, 1431

“O you people who believe! When you enter into a contract of a mutual loan (or liability by agreement), it is for a fixed term then have it written. And have it written jointly; one writing it must write it down impartially. And the one asked to write must not refuse to write, must write as he has been taught by Allah how to write. And the one who incurs the liability should dictate it to the writer, and have fear of Allah his Rabb. And there should be no (word or item) left out or reduced. If the one who is liable is not intelligent, or is weak (underage), or is unable to dictate (due to lack of knowledge to trade or language), then his friend must dictate impartially. And it must be witnessed by two men (available) from amongst you; if two men are not there (at hand) then one man and two from among women whom you accept as witnesses, in case one of the two goes astray other can remind her. And witnesses must not refuse to testify when they are called. And must not be averse to writing it (the agreement), it is large (amount) or small, fix (and enter) term agreed. This is more just for you, in the eyes of Allah, and the best (way) to establish evidence , and nearer to (equity) so that there is no uncertainty. However, if it is on the spot trade and the exchange is hand to hand, between you, then there is no objection if you do not write it down. And have witnesses (or a receipt) when the transaction is done. And do not harass or harm the writer nor the witness, and if you do then certainly it will lead to your moral depravity. And fear Allah and Allah teaches you. And Allah knows everything.”

Surah Al-Baqarah (Surah 2), verse 282