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Setting Pay-by Dates on Loans? May 27, 2007

Posted by islamicfinanceaffairs in Uncategorized.
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Setting Pay-by Dates on Loans?
Answered by Faraz Rabbani

It is [1] permitted to set a repayment date in a loan contract, and [2] such a stipulation would be binding. This is the position of the leading Muslim jurists (fuqaha’) of our time, as affirmed in the AAOIFI Shariah Standard on Loans. (al-Ma`ayir al-Shar`iyya, 350) [Read more]

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