Debt is an owed obligation that must be repaid. It may exist as liability, obligation, appreciation or financial credit, which may be incurred by different means. Financial debts are usually incurred by borrowing/lending, or delayed payments for goods & services. In Islam, debt incurrence has serious consequences. Debt can either make or mar; it may either lead one to Heaven or push one to Hell (wal-'iyādhu biLlāh). Here are ten (10) things to note about debt.
1. All Debts MUST be Repaid
The Prophet (ﷺ) said: "the debt must be repaid". [Sunan Ibn Majah, 2405].
The concept of debt in Islam is such that it must be paid in one way or another, either in this world or in the Hereafter. Hence, a true believer doesn't fear giving out debt because he knows his debtor cannot get away with the debt. It is either he repays him in full in this world, or that he is paid by his next of kin from his inheritance or he pays in the Hereafter by either relinquishing his good deeds or taking off your bad deeds.
2. Not Paying Off Debts is Very Risky
Only the creditor has the right to waive or forgive debt. Whoever dies in a state of indebtedness will not be set free, unless his debt is settled.
The Prophet (ﷺ) said: "the soul of the deceased believer remains pending on account of the debt until it is repaid." [Riyadh as-Salihin, 943].
Even for a Shahīd (ie. a martyr) –all his sins are forgiven except for debt.
The Prophet (ﷺ) said: "every fault of a martyr will be forgiven except for debt". [Mishkat ak-Masabih, 2912].
Hence be careful about taking debts by first ensuring that it is extremely necessary and you have a mapped out way of repaying it in full before taking it.
3. Giving out Debt is Highly RewardingNowadays, people are unwilling to give debt for fear of differment. They rather gift you what they can afford to let go than lend you want you need. A sprinkle of Ihsān while dealing with debtors may earn you a spot under Allāh's shade.
The Prophet (ﷺ) said: "He who grants a respite to one who is in straitened circumstances or remits his debt will be taken by Allah under His protection". [Mishkat al-Masabihi, 2904].
More so, scholars consider giving debt to be more rewarding than sadaqa. Sadaqa is giving when you're not strained while debt is giving when the seeker is absolutely strained.
The Prophet (ﷺ) said: "Allah admitted to Paradise a man who was easy-going in buying and selling, when paying off debt and when asking for a debt that was owed to him." [Musnad Ahmad 485].
Debt is built upon trust & Ihsān. The kinder you are as a creditor, the merrier.
4. As a creditor, if you are worried about your debtor not paying back, WRITE AN AGREEMENT.
The longest verse in the Holy Qur'an was revealed to this note. There is NO HARM in having a signed agreement with witnesses, no matter how little the debt is. It is an order from Allāh. The verse reads as follows:
O you who have faith! When you contract a loan for a specified term, write it down. Let a writer write between you with honesty, and let not the writer refuse to write as Allah has taught him. So let him write, and let the one who incurs the debt dictate, and let him be wary of Allah, his Lord, and not diminish anything from it. But if the debtor be feeble-minded, or weak, or incapable of dictating himself, then let his guardian dictate with honesty, and take as witness two witnesses from your men, and if there are not two men, then a man and two women —from those whom you approve as witnesses— so that if one of the two defaults the other will remind her. The witnesses must not refuse when they are called, and do not consider it wearisome to write it down, whether it be a big or a small sum, [as being lent] until its term. That is more just with Allah and more upright in respect to testimony, and the likeliest way to avoid doubt, unless it is an on the spot deal you transact between yourselves, in which case there is no sin upon you not to write it. Take witnesses when you make a deal, and let no harm be done to writer or witness, and if you did that, it would be sinful of you. Be wary of Allah and Allah shall teach you, and Allah has knowledge of all things. [Surah al-Baqara 2:282]
This maybe wavered on basis of trust which is subjective; the debtor shouldn't shy away if the creditor insist on writing & written agreements must be adhered to. However, there is reward in showing respite to debtors by giving them time, or forgiving the debt in part or full as will be seen later in this post.
5. Avoiding Debt is by Paying Back in Time
Indebtedness is not always a bad thing. It is more honorable than begging, but self-sufficiency is best. Avoidance of debt is by paying back as soon as possible, not by shying away from taking a Halal loan when you truly need it.
The Prophet (ﷺ) said: "among the best of you are those who pay off their debts in the best of manner". [Ibn Majah, 2423]
Also, the Prophet ﷺ has taught that Allāh ﷻ is with the debtor so long as he is sincere about repaying back. Some of the Salaf used to borrow just so that Allāh will abide by them.
It is narrated that the Prophet (ﷺ) said: "Allah will be with the borrower until he pays off his debt, so long as it (the loan) is not for something that Allah dislikes". [Ibn Majah, 2409].
Due to this statement, Ibn Majah (may Allah have mercy upon him) narrated that the prominent salaf 'Abdullah bn Ja'far (may Allah have mercy upon him) used to say to his servant
"go and take loan on my behalf, for verily I dislike that I spend a night except in Allah's company after this statement that I have heard from Allah's Messenger (ﷺ)".
The key is your sincerity in repaying it.
6. Allah will Aid the Debtor in Paying off his Debt as far as he is Sincere about Repaying
The Prophet (ﷺ) said: "there is no Muslim who takes out a loan and Allah (SWT) knows that he intends to pay it back, but Allah (SWT) will pay it back for him in this world". [Ibn Majah 2408].
Whoever is sincere & willing to pay back his debt, will find that Allah will assist him to that note, in sha Allah. So, if you have to take a debt, do so with a strong resolve to pay back.
7. The load of Debt is only Incurred When the Debtor has failed to Payback on Due Time
Being indebted in itself is not a crime if there is sincere intention to repay, until the debtor has failed to repay his debt at the appointed time or if the debtor dies.
If the debtor's commitment was to repay "as soon as he can", then delaying payment after ability is a major crime & an injustice .
The Prophet (ﷺ) said: "Procrastination (delay) in repaying debts by a wealthy (capable) person is injustice". [Sahih al-Bukhari 2400].
Refusal to pay debt when debt is due can lead to lack of Baraka in one's Rizq & destitution.
Sayyiduna Umar bn Khattab (may Allah be pleased with him) said: "beware of debts! Their beginning is worry and their end is destitution". [Muwatta Malik 1465].
Don't mixup your assets with unnecessary debts.
8. Creditors have the Right to Demand for their Dues
The creditor has every right to demand for his due even if you are dead.
The Prophet (ﷺ) said: "the creditor (i.e. owner of the right) has the right to speak (i.e. ask for his debt)." [Sahih al-Bukhari 2401].
Creditors shouldn't be shy to ask for their monies and debtors shouldn't feel harassed by mere asking. It is their right. Pay up or explain.
9. Whoever takes a loan without the intention of repaying it will meet Allāh as a thief.
The Prophet (ﷺ) said: "any man who takes out a loan, having resolved not to pay it back, will meet Allah (SWT) as a thief." [Sunan Ibn Majah 2410].
A loan is a loan. It doesn't matter if they are your family members or close associates, as long as the contract was built upon borrowing, it becomes an obligation to payback unless wavered.
10. The Prophet ﷺ Sought Refuge in Allah against Indebtedness, as it leads to manifestation of 2 out of the 3 signs of a hypocrite –lying & breaking promise.
As said earlier, the consequences of debt is incurred when payment is delayed after due. Make Du'a against this.
Sayyadatuna 'Aisha (may Allah be pleased with her) narrated that the Prophet often used to seek refuge with Allah from debt and sin. It was said to him: 'O Messenger of ALlah1 You often seen refuge from debt and sin?' He said: 'if a man gets into debt, he speaks and lies, and he makes promises and breaks it'." [Sunan an-Nasa'i 5472].
Amongst the supplications that were related from the Prophet against debt incurration, it was narrated that he used to say:
اللّهُـمَّ إِنِّي أَعْوذُ بِكَ مِنَ الهَـمِّ وَ الْحُـزْنِ، والعًجْـزِ والكَسَلِ والبُخْـلِ والجُـبْنِ، وضَلْـعِ الـدَّيْنِ وغَلَبَـةِ الرِّجال
TransliterationAllaahumma 'innee 'a'oothu bika minal-hammi walhazani, wal'ajzi walkasali, walbukhli waljubni, wa dhala'id-dayni wa ghalabatir-rijaali.TranslationO Allah, I seek refuge in You from grief and sadness, from weakness and from laziness, from miserliness and from cowardice, from | being overcome by debt and from being overpowered by men (i.e. other people)
Conclusion
• Write down agreements before taking or giving debt
• Debt is not a crime until there's default in payment
• Pray against debt, but if you must take it, do so with a sincere resolve to payback
• You cannot get away with any debt. Payback now in your best interest
• Creditors are encouraged to give debt in trust, exercise Ihsān throughout the process & respect your debtor
• Debtors are encouraged to settle debt as & when due
• If a debtor is unwilling to sign a written agreement, it may mean that he is unwilling to payback
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