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Qard is a loan in which money is given to a person on the condition that this person returns it without taking any kind of increase on it. This type of loan is in contrast to the interest-based loan that includes a specific increase called Riba. This is a loan that one person gives to another as aid or charity for a certain period. In Islam, Qard is one of the actions in which the lender draws near to God, as it involves cooperation between people to do good and to help the needy.

Loans under Islamic Sharia can be classified into two types; Salaf and Qard. Salaf is payable on demand while Qard is for a fixed term.

Characteristics of Qard:

1. It is not permissible to stipulate any increase in the loan in favor of the lender. But if the borrower returns an increase in the original loan or gives a gift to the lender without the lender stipulating that in the contract, then the lender may accept it.

2. It is permissible to stipulate a term in the Qard, in this case, the lender may not ask the borrower to repay the Qard before the term is due.

3. It is permissible for the lender to stipulate that a mortgage or guarantor be taken from the borrower for the money of the Qard.

Qard applications in Islamic banks:

1. Current Accounts (Demand Deposits).

2. Qard Al-Hassan loans: Qard Al-Hassan is one of the unique services offered by the Islamic Bank. It is the act of lending money without interest.
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