The elements (arkan) of qard (interest-free loan) are as follows:
- Contact form (sighah): offer and acceptance using what denotes qard (any word or act that conveys the meaning of qard such as salaf or dayn, etc)
- The legal capacity on the part of the lender to lend against no consideration.
- The subject-matter of the contract should be mithli, i.e., fungible and marketable (saleable in a market). The borrower will own the subject-matter of qard through possession which makes him liable for a similar one at the repayment date. That implies that the borrower is bound to return to the lender an amount similar to the loan amount at the place of original receipt.
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