Shariah contract of Qard Clause Samples

The Shariah contract of Qard is an Islamic financial agreement in which one party lends money to another with the expectation of full repayment, without charging any interest or profit. Typically, this contract is used for benevolent loans, where the lender provides funds to the borrower for a specified period, and the borrower is obligated to return the exact amount borrowed. The core practical function of the Qard contract is to facilitate access to funds in a manner that complies with Islamic principles, specifically by prohibiting interest and promoting social welfare through charitable lending.
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Shariah contract of Qard. (a) The Bank shall make available to the Cardholder the Credit Limit by way of Qard. The Credit Limit can be utilised by the Cardholder in accordance with the terms of this Agreement. This constitutes an offer by the Bank to make available the Qard line to the Cardholder. (b) In the event there is excess utilisation by the Cardholder in accordance with the terms of this Agreement, such excess is governed by Qard contract as well. Every time the Cardholder utilises the Credit Limit, it is construed as an acceptance by the Cardholder of the Qard line. (c) The Bank is hereby authorised by the Cardholder to disburse the Qard in the amount equivalent to the utilised amount or excess amount to the Merchant, Cardholder or any identified third party according to the mode of Card utilisation. (d) The Cardholder is required to pay the Qard or utilised amount in accordance with the terms of this Agreement. (e) In providing the Qard to the Cardholder, the Bank is entitled to charge direct costs associated with the granting of the Qard in the quantum as stated in this Agreement or published on the Bank’s website.
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Shariah contract of Qard. (a) The Bank shall make available to the Cardholder the Credit Limit by way of Qard. The Credit Limit can be utilised by the Cardholder in accordance with the terms of this Agreement. This constitutes an offer by the Bank to make available the Qard line to the Cardholder.
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Related to Shariah contract of Qard

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