Furqaan Academy

QARD-UL-HASSANAH
INTEREST FREE LOAN AGREEMENT

This agreement is being entered into by Furqaan Academy (borrower) and you (lender) for a Qard-ul-Hassanah (a beautiful loan/interest free loan) in the amount of $1000, under the following terms and conditions:

  1. This agreement is being entered into for the sake of serving the cause of Islam based on mutual trust.
  2. This loan, in compliance with Shariah, is completely interest free.
  3. This loan will InshaAllah be repaid no later than 5 years from the date of this agreement.
  4. The borrower reserves the right to repay either in installments or in one lump sum by the due date or earlier.
  5. The lender understands that the loan may not be paid before the expiry of 5 years. If for some unforeseen reason a need arises and the lender requires early payment, the borrower will make every effort to honor the request but lender will not have the right to enforce repayment before 5 years.
  6. The borrower agrees that the loan amount will be used ONLY for the purpose of securing the building at 519 Briarcliff Rd., Bolingbrook, IL 60440 and making the needed modifications to make the building ready for occupancy. Should the deal not go through for some unforeseen reason then lender will be contacted by Furqaan Academy management and the lender shall have the right to exercise the following 2 options:
    • Request that all money loaned be refunded and the borrower will refund the money promptly.
    • Decide whether to extend this agreement to apply to the next best purchase option available to the Academy at that time.

The agreement is being entered into on

By clicking the button below, you agree to the loan agreement.

You will be taken to our Paypal Transactions page. You can opt to pay with credit card or your paypal account.