Islam and Human Rights — Page 68
Isl am and Hum an R ights 68 the time for repayment of the loan arrives, he should be granted respite till his circumstances improve, but “if you remit it altogether as charity, that shall be the better for you, if only you knew” (2:281). It is a mistake to imagine that transactions involving interest bring about an increase in the national wealth. The Quran says that in the sight of Allah it is not a beneficent increase. “But whatever you give in Zakat , seeking the favour of Allah-it is these who will increase their wealth manifold” (20:40). Trade, commercial partnerships, co-operatives, joint stock companies are all legitimate activities and operations (2:276). Islam does, however, lay down regulations with regard to commercial activities, designed to secure that they be carried on honestly and beneficently. All contracts, whether involving large amounts or small, must be reduced to writing, setting out all the terms thereof, as “this is more likely to keep out doubts, and avoid disputes” (2:283). The writing should set out the terms agreed upon fairly, and as a further precaution it is laid down that the terms of the contract shall be dictated by the person who undertakes the liability. If the person on whose behalf the liability is undertaken is a minor, or of unsound judg ment, then his guardian or the person representing his interests