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PERSONAL FINANCING
CHAPTER 8
• Need of cash – home down payment, further studies,
renovate home, settle credit card bills etc.
• To avoid riba in loan with fixed charge, Islamic banks offers
Islamic personal financing by using bay al-inah, tawarruq and
ar-rahn personal financing.
1. QARDU HASAN
Qardu Hasan
• Qard (loan), hassan (good/benevolent).
• Not for commercial use, but for personal use.
• Express spirit of cooperation (ta’awun) and brotherhood
(ukhwah) between debtors and creditors.
• Creditor expect nothing in return, only full repayment of
loan.
• Debtor obliged to return the principle loan
• Debtor can place collateral (rahn) to support the loan.
Hadith
• I went to the prophet s.a.w. while he was in the mosque.
After the Prophet s.a.w. told me to pray two raka’at, he
repaid me the debt he owned me and gave me an extra
amount.
Bank Customer
Cash basis