Al Qurdha Al Hasana (Islamic Loan)
Al Qurdha Al Hasana (Islamic Loan) is a loan administrated under the laws of Islam. The loan is available to all our members.
If you would like to find out more about the loan or interested in applying for it please do not hesitate to contact us.
Who is it that would loan Allah a goodly loan so He may multiply it for him many times over? And it is Allah who withholds and grants abundance..(Quran 2:245)
Terms and conditions
- The maximum loan amount shall be $10,000 (NZD).
- The maximum time limit for a loan shall be one calendar year.
- The borrower shall start repaying the loan as soon as convenient but preferably no later than six months from the date of the loan. Repayments shall be through a mechanism agreed by Fund committee and the borrower at the time of the borrowing. This may be through weekly or monthly instalments or lump sum payments and in line with the loan security offered.
- The borrower shall have a guarantor for the loan. The guarantor shall be a financially capable with good reputation and known to the fund committee but not be a member of the Fund Committee. The guarantor shall provide the committee with cheque(s) for the total amount of the total loan. The number of the cheques shall be similar to the loan repayments as in item 3 above where practical. The cheque(s) shall be destroyed or returned upon repayment of the instalments.
- The borrower is not obliged to give back to the fund any money above the amount borrowed. However he/she may present a gift or donation to the Qurdha Al Hasana Fund, willingly and freely, in the name of Allah.