Qarẓ (قرض)
Definition and etymology
Qarẓ (قرض), pronounced as qarḍ, translates literally to “cutting.” The term holds various connotations within Islamic theology, jurisprudence, and everyday social practice.
Arabic and Turkish Translations
- Arabic: قرض
- Turkish: Borç
Religious and Ethical Significance
In its primary religious context, qarẓ refers to good deeds performed selflessly for the sake of God (Allah), with the expectation of divine recompense. This idea is highlighted in the Qur’an:
<p>“Lend God a liberal loan and I will surely put away from you your evil deeds, and will cause you to enter gardens through which rivers flow” (Qur’an 5:15).</p>
Key Concepts:
- Qarẓ Ḥasanah (قرض حسن): A benevolent loan given without the expectation of interest or gain. This type of qarẓ embodies the Islamic principles of cooperation, mutual support, and social welfare.
Financial Context
The term has also significant practical implications in the realm of Islamic finance.
Interest-free Loan:
- Qarẓ in its pure Islamic sense refers to an interest-free loan, intended to be repaid at the discretion of the borrower, embodying the ethical and charitable spirit encouraged in Islam.
Other Related Terms:
- While qarẓ is generally understood as a non-interest-bearing loan, the word has undergone linguistic and contextual shifts in Persian, Urdu, and Pashto, where it sometimes denotes a loan given with interests. However, the legal and jurisprudential term for an interest-bearing loan remains ribā (ربا), which is prohibited under Islamic law.
Cultural Practices
Qarẓ often plays a significant role in community support systems within Muslim societies. For instance, zakat (almsgiving) and charity are regularly drawn upon to provide qarẓ hasanah to those in need.
Further Reading
For those interested in deepening their understanding of Qarẓ and its implications within Islamic theology and finance, recommended readings include:
- “Islamic Finance: Principles and Practice” by Hans Visser
- “An Introduction to Islamic Finance: Theory and Practice” by Zamir Iqbal and Abbas Mirakhor
- “Islamic Banking and Finance: Sharia Law and Sufi Mysticism” by Faleel Jamaldeen
- “Islamic Law of Business Organization” by Imran Ahsan Khan Nyazee
- “Qur’anic Ethics” by Muhammad Abdul-Rauf
Takeaways and Conclusion
- Qarẓ (قرض) signifies “cutting” and embodies ethical lending and altruistic deeds within Islam.
- In religious contexts, it represents good deeds for God with the promise of divine reward.
- As a financial principle, it implies loans given without interest, promoting sympathy, support, and welfare within the Muslim community.
- The misinterpretation generally arises when qarẓ is used to describe interest-bearing loans in modern linguistic adaptations.
Understanding the definition, context, and application of qarẓ helps to appreciate its profound ethical and religious bearings that provide a cornerstone for social justice and financial integrity in Islamic teachings.
