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Grace Period to One who is in Debt

And if (the debtor) is in straitness, then let there be postponement until (he is in) ease; and that you remit (it) as alms is better for you, if you know. [Al-Baqarah: 280]
"Zou-Osrah" is one who is unable to pay his debts. In to days terminology, one who has become bankrupt. One who has given loan, has right to take back the original capital from the debtor. But, if the debtor is unable to pay his debt, then he should not be pressurized to pay his debt. But, he should be given a grace period. But, if the debtor is really unable to repay his debt, it is admirable that the one who has given the loan, takes a step forward in etiquettes, and human nature. He should waive off and relinquish his claim of loan. We should observe that as per the Islamic regulations, house and the necessary means of life are excerpted from the payment of debt and liability; the debt should not be paid from the sale of those goods. The creditor cannot take in possession and custody those goods.
It has been narrated that once the Holy Prophet (s.a.w) entered the Masjid and said:
"Which one of you like that the Almighty Allah protect him from the terrible heat of the hell?
The audience replied,
"Anyone who gives a grace period to the poor and indigent person, or forgives him, the Almighty Allah will protect and safe guard him from the terrible heat of the Hell."
Then he added:
"Anyone who wants his Dua and supplications be accepted, and his grief and anxiety should be removed, then he should give time and respite to his debtors and the indigent people."
Again, it is narrated from the holy Prophet that, "the Almighty Allah was looking into the account of the deeds and actions of one of the people of the past nations. He did not find any good work and deed from him. However, once in the past he was rich and was carrying out business. He had said to his servants to forgive the poor people.
In this way the Almighty Allah said:
"we are more deserving and worthy of this work i.e. generosity and forgiveness; and he said to His angels to forgive this person.

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