Friend wants to borrow £10k - please help!

sp1987

sofietrouble wrote: »

So borrowing money and interest is banned, and if you want or need more money, you have to use what you have been given to begin with to create more, legally and ethically. I guess that is my answer also....

Well then I guess even on a religious level you have an answer. I'm not a religious person but if your beliefs factor highly in your life it is very important that you stick to them.

meritaten

sofietrouble wrote: »

Oh God, think I have got my answer. Not one person has said 'yes go for it!!' It's not going to be fun letting her know... I just hope I haven't lost a friend.

About the religious aspect, there exist shariah compliant 'mortgages' so maybe there are loans? Though I don't much see the point of these products because they still cost you money to borrow money, even though it is not classed as interest.
Islam teaches that Allah allocates everyone a certain amount at birth - a certain amount of intelligence, health, looks, wealth etc. And to borrow money distorts or changes Allah's 'plan' for that person, and changes the balance of money in the world. Interest makes rich people richer and poor people poorer. So borrowing money and interest is banned, and if you want or need more money, you have to use what you have been given to begin with to create more, legally and ethically. I guess that is my answer also....

So to borrow money is changing Allahs plan - even if no interest is charged? hun, you have suddenly become a devout muslim and cannot lend money as this would change Allahs plan. and your husband, father or brother forbids it!
It would certainly change YOUR plan wouldnt it?
so tell your friend that you cannot lend her the money and use any of the above reasons.
Actually, I think I approve of Allahs plan - it plainly jibes with the old notion of never a borrower or lender be! and look at the financial trouble this country is in because of the banks shenanigans with borrowing and lending!

KiKi

sofietrouble wrote: »

And to borrow money distorts or changes Allah's 'plan' for that person, and changes the balance of money in the world. Interest makes rich people richer and poor people poorer. So borrowing money and interest is banned, and if you want or need more money, you have to use what you have been given to begin with to create more, legally and ethically. I guess that is my answer also....

Hi Sofie

I'm a Christian and I don't know much about this area. However, if you are struggling to tell your friend that you can't lend her the money, you could always explain what you've written above, that you don't feel 'lending' money is right in the context of Islamic law.

Also, from a practical perspective, if she can pay you back within 6 months, then she can pay her family member back within that time, too. They'll have to wait, or she'll have to find another means of it. Otherwise she will be doing the same in 6 months' time - asking someone else for £10K to repay *you*! It also seems additionally complicated because this is a business investment, and her own family are involved. I wouldn't go getting involved with a business, and a family - you will be the last on the priority list.

£10K is a huge amount to lend with no assurance of its return. Don't risk your own family's future for it.

Hope the conversation goes well!
KiKi

sofietrouble

meritaten wrote: »

So to borrow money is changing Allahs plan - even if no interest is charged? hun, you have suddenly become a devout muslim and cannot lend money as this would change Allahs plan. and your husband, father or brother forbids it!
It would certainly change YOUR plan wouldnt it?
so tell your friend that you cannot lend her the money and use any of the above reasons.
Actually, I think I approve of Allahs plan - it plainly jibes with the old notion of never a borrower or lender be! and look at the financial trouble this country is in because of the banks shenanigans with borrowing and lending!

I am a fairly new convert to Islam so I am still learning what it is all about (it's more of a way of life than an actual religion) but a lots of it does make a lot of sense. It's quite amazing to think that countries like Saudi Arabia have no notion of interest rates, I would be interested to learn how exactly their financial system operates!! But yes I agree, if the western world was Muslim then the credit crunch wouldn't exists... as there would be no credit...

meritaten

and it does conveniently let you out of lending money! you cant, as its been explained to you it changes Allahs plans for you. so you are sorry - but you cant!

I think their financial system operates on the principle of the market place - you have the product and you sell it at a profit............and right now the profit is higher than ever!

KK22_2

DO NOT DO IT!!!

I can understand that it's not going to be easy breaking this news to her and you're not looking forward to her reaction, but if you lose her as a friend over this, then she wasn't much of a friend in the first place.

meritaten

I agree with KK22 - she shouldnt have asked you! especially if she is a muslim - I wonder if knowing you are a recent convert she thought you wouldnt know about the not lending money bit? hun, dont lend it. I totally agree with Allah - not sure you only have a finite amount of resources - but if you lend money to friends or family then make sure you can afford to lose it cos its rarely paid back!

barbiedoll

As you said, she is from Pakistan and I know that Asian families do lend and borrow money between themselves all the time. You are not her family, so you should ask yourself, why is she asking you for the money? I know that you don't want to let her down but to be honest, if she was a real friend, she wouldn't dream of asking you to lend her such a large sum, especially as she must know that you are working hard to save up for your house.

Please don't lend her the money, you will lose both the cash and her friendship. If she chooses not to remain friends because she can't have the money, at least you won't have lost both. No-one on here will tell you to lend her the money, too often, we have seen tales of friendships and family relationships broken down because of money problems. You can't afford to lose this money, nor can you afford to invest in her business. Tell her, sorry, but no.

zzzLazyDaisy

Have a search on the threads. Almost every day there is someone saying that they loaned money to someone they trusted and now that person won't/can't pay them back.

If you can afford to lose the money, and are willing to risk that, then fine lend her the money.

If you can't - don't

Seriously, just don't go there.

lizziebabe

If she is a real friend she will understand. I have lent money to friends in the past and had great difficulty getting it back :eek:

I am quite broke at the mo and one of the 'friends' still owes me £420. :mad: She has facebooked me and said she will start a standing order but has had trouble getting work etc etc

Seriously though don't lend her any money that you don't mind not getting back. Good Luck