The concept of Qard al-Hasanah, as one of the most prominent teachings of the Holy Quran, is eloquently and profoundly presented in verse 245 of Surah Al-Baqarah. This verse, by inviting the believers to grant a benevolent loan to God, opens a gateway to understanding the spiritual, ethical, social, and economic dimensions of this devotional act. Qard al-Hasanah, beyond a mere financial transaction, symbolizes altruism, dignity, and trust in Divine promises, which occupies a distinguished position within the Islamic value system. This treatise, through the compilation of the lecture content and exegetical analyses, undertakes a comprehensive examination of this concept within the theological and jurisprudential framework. The objective is to present a scholarly and systematic text, employing a lofty and academically fitting language, which elucidates the diverse aspects of Qard al-Hasanah for specialised audiences. The structure of this work comprises principal sections with precise subheadings, each addressing a particular facet of the concept and culminating with independent conclusions and a final summary.
Qard al-Hasanah in the Quran, particularly in verse 245 of Surah Al-Baqarah, is introduced as a spiritual act that transcends materialistic and profit-oriented frameworks. This concept signifies the entrusting of wealth to another without any expectation of profit or even a guaranteed return of the principal amount. The lender, through altruism and selflessness, places their wealth at the disposal of the recipient, who benefits from its advantages without possessing actual ownership.
Key Point: Unlike material transactions, Qard al-Hasanah is an act rooted in altruism and benevolence, elevating the lender to a spiritual rank.
This characteristic transforms Qard al-Hasanah into a tool for strengthening moral and social bonds within the Islamic community. The lender, with a pure intention and devoid of material expectations, grants the recipient the opportunity to meet their needs, while the lender hopes for eternal rewards.
Qard al-Hasanah differs fundamentally from Riba (usury) and Mudarabah (profit-sharing). Riba prioritises profitability for the lender, whereas Mudarabah is based on commercial profit-sharing. In contrast, Qard al-Hasanah excludes any material gain for the lender and involves self-sacrifice from the lender and discretion by the recipient in utilising the wealth.
Key Point: By eliminating profit orientation, Qard al-Hasanah becomes a moral and devotional act prioritising spiritual motives over material ones.
This distinction renders Qard al-Hasanah a symbol of generosity and empathy within the Islamic value system, setting it apart from other economic transactions. The lender, aware of the absence of material guarantees, entrusts their wealth to another, thereby doubling the spiritual merit of the act.
One of the salient features of Qard al-Hasanah is the financial risk borne by the lender. The principal may not be returned or could be lost; however, this risk-taking elevates the spiritual value of the act. The lender, fully cognizant of this risk, trusts the Divine promises and entrusts their wealth to another.
Key Point: The risk-taking inherent in Qard al-Hasanah centres trust in Divine promises and distinguishes it from material calculations.
This feature separates Qard al-Hasanah from capitalist and communist economic systems, where transactions are defined by guaranteed profit or return of capital. In Qard al-Hasanah, altruism and reliance upon God replace material calculations, directing the lender towards eternal rewards.
Qard al-Hasanah, as a spiritual concept in the Holy Quran, distinguished by features such as altruism, absence of profit orientation, and risk-taking, differs from other economic transactions. This act, emphasising benevolence and trust in Divine promises, not only fulfils individuals material needs but also reinforces human dignity and social bonds within the Islamic society.
Man tha allathee yuqriu Allha qaran asanan fa yuifahu lahu afan kathrah; wa Allhu yaqbiu wa yabsau wa ilayhi turjan.
Translation: Who is it that will lend to God a goodly loan, which He will multiply for him manifold? And God restrains and grants abundance; and to Him you will be returned.
This verse, through a rhetorical question, invites believers to perform Qard al-Hasanah and promises them immense eternal rewards. The phrase a goodly loan emphasises the virtue and purity of intention in this act, and the concluding part, referring to the return of all affairs to God, strengthens the monotheistic perspective embedded in the act.
The Holy Quran, in this and other verses, describes the reward for Qard al-Hasanah using expressions such as He will multiply it manifold and He will forgive you, transforming this act into one of the highest devotional deeds which, beyond material calculations, leads to forgiveness of sins and attainment of spiritual ranks.
Key Point: The immense rewards of Qard al-Hasanah, including forgiveness of sins and increased recompense, render it an unparalleled spiritual investment.
These Divine promises create a powerful incentive for believers to participate in this benevolent act with sincere intention. Qard al-Hasanah establishes a balance between material and spiritual needs, offering the lender the opportunity to attain Divine satisfaction.
One of the distinguished features of Qard al-Hasanah is the perpetuity of its reward until the Hereafter, likening it to Sadaqah Jariyah (ongoing charity). This act, even after the death of the lender, continues to yield eternal spiritual merit.
Key Point: Due to its enduring social and economic impacts, Qard al-Hasanah bestows ongoing reward upon the lender.
Unlike charity or gifts which may be one-time, Qard al-Hasanah generates a cycle of goodness and blessing in society, becoming a sustainable source for gaining spiritual rewards. This feature makes Qard al-Hasanah one of the most excellent acts for spiritual investment in the Hereafter.
Verse 245 of Surah Al-Baqarah, with eloquence and depth, introduces Qard al-Hasanah as a devotional and spiritual act accompanied by infinite eternal rewards. By emphasising forgiveness of sins, increased recompense, and continuity of goodness, this verse elevates Qard al-Hasanah to one of the highest deeds within the Islamic value system, encouraging believers to partake in this benevolent act.
One of the fundamental conditions of Qard al-Hasanah is the permissibility (halal) of the wealth utilised. Prohibited wealth, such as untaxed khums or usurped property, cannot be employed in this spiritual act, as Qard al-Hasanah must be performed with pure intention and in pursuit of Divine satisfaction.
Key Point: The permissibility of the wealth is an essential prerequisite for the validity of Qard al-Hasanah, and without it, the act is legally null.
This condition emphasises economic purity in Islam. Illicit wealth not only lacks blessing but also deprives the lenders act of spiritual value. Hence, Qard al-Hasanah is an act contingent upon sincere intention and purity of wealth.
In Qard al-Hasanah, the lender has no right to demand profit; however, the recipient may voluntarily return an amount exceeding the principal, known as Riba Tati, which is permissible from a jurisprudential perspective.
Key Point: Riba Tati, as a voluntary and ethical act, reflects the dignity and generosity of the borrower.
This act, performed without compulsion and with good intention, distinguishes Qard al-Hasanah from usury (Riba). In Riba, profit is a stipulated condition of the contract, whereas in Qard al-Hasanah, any addition to the principal is voluntary and based on generosity.
Qard al-Hasanah is an act that displays the dignity and magnanimity of the lender. The lender must not pressure the recipient or demean them through reproach or blame.
Key Point: By removing reproach and blame, Qard al-Hasanah becomes a tool for moral education and enhancement of human dignity.
This characteristic transforms Qard al-Hasanah into an act fostering self-respect and strengthening human relationships. The lender, through altruism and without expectation, assists the recipient to meet their needs while preserving their dignity.
The jurisprudential and ethical dimensions of Qard al-Hasanah, including the permissibility of wealth, recommendation of adding voluntary profit, and emphasis on dignity, render this act one of the most distinguished devotional and ethical deeds in Islam. These features make Qard al-Hasanah an instrument for moral education and reinforcement of human values within the Islamic society.
Qard al-Hasanah, even in interactions with non-Muslims, can foster social affection and solidarity. This act, irrespective of religion or sect, contributes to strengthening human bonds.
Key Point: Qard al-Hasanah, as a bridge for communication among individuals and communities, plays a significant role in reducing tensions and enhancing empathy.
This characteristic, particularly in multicultural societies, transforms Qard al-Hasanah into a tool for peace-building and solidarity. The lender, by aiding others, establishes lasting affection transcending religious and cultural boundaries.
In the Quranic concept of Qard al-Hasanah, the Divine guarantor (God) replaces material guarantees. The lender, trusting Divine promises, entrusts their wealth to another without requiring a material guarantor.
Key Point: Trust in Divine guarantee distinguishes Qard al-Hasanah from profit-oriented banking systems and enhances its spiritual value.
This feature makes Qard al-Hasanah an act based on reliance and faith. The lender, confident in Divine rewards, foregoes material requirements such as guarantees.
