Family Matter : Family money

Author: Dr. Aslam
Subject: Family money
Posted: 02 March 2021 at 10:50am

Wa alaikum Salam,

This is common within our community. It happens due to the lack of clarity at the time when the money is given or borrowed.

The Islamic instructions are clear.

1. The transaction should be in written and very specific. How much is borrowed and what are the terms of returning the borrowed amount? 

2. If the money is not returned in time, what to do?

3. Can the loan be forgiven?

4. Or can the loan be paid in a diffeent manner?

If you did not write down details, Or agreed upon on the date of return then do the following

1. Sit down with your wife and politely discuss the issue.

and ask her to clarify from the people who borroed the money.

1. When will they return the money fully.

2. Will they give in instalments or in one instalment?

3. If they do not return the money on stipulated date, what will be the course of action to retrieve?

As far as giving additional loan is concerned, it all depends on your financial conditions or trust level.

Aslam Abdullah

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