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Qard hassan is a loan extended on a goodwill basis, mainly for welfare purposes. The borrower need only pay back the amount they borrowed, with no interest. On principle, Islam does not allow interest. Should a borrower encounter difficulty, the lender must extend the repayment time.
Is the Qardan Hasana Hussaini Scheme refundable?
Husain Scheme is 100% refundable scheme. Partial or total withdrawal can be requested after 7 days of contribution, as per the contributors requirement. Refund is processed on the refund date, given at the time of contribution.
What is the Mohammedi scheme of Qardan Hasana?
The jumu`ah collection scheme, i.e. the Mohammedi Scheme, is a Qardan Hasana scheme where one lends money for a permanent period which eventually builds the corpus of a Qardan Hasana institute.
What is the meaning of Karzan Hasana?
Qardan Hasana, meaning interest-free loans, has been instrumental in the social and economic prosperity and growth the Dawoodi Bohra Muslim community has experienced in the last 40 years.
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