The writing down of debts is an ordinance of the Holy Qur’ān: “O you who believe, When you contract a debt for a fixed time, write it down. And let a scribe write down between you with fairness; nor should the scribe refuse to write as Allāh has taught him, so let him write. And let him who owes the debt dictate, and he should observe his duty to Allāh, his Lord, and not diminish anything from it. But if he who owes the debt is unsound in understanding or weak, or if (he) is not able to dictate himself, let his guardian dictate with fairness. And call to witness from among your men two witnesses … And be not averse to writing it whether it is small or large along with the time of its falling due. This is more equitable in the sight of Allāh and makes testimony surer and the best way to keep away from doubts” (2:282).
Debtors should be dealt with most leniently: “And if the debtor is in straitness, let there be postponement until (he is in) ease. And that you remit (it) as alms is better for you, if you only knew” (2:280).
These two regulations, the writing down of debts according to the dictation of the debtor in the presence of witnesses and lenient dealing with those in straitened circumstances, are the basis of Islamic regulations on debts and are supplemented by a large variety of detailed directions and recommendations contained in Ḥadīth. The concern of the Holy Prophet for the debtors is reflected in his sayings on this point, of which only a few are as follows: “May Allāh have mercy on the man who is generous when he sells and when he buys and when he demands payment of debt” (Bu. 34:16). “The angels received the soul of a person from among those who were before you and asked him if he had done any good. He said, I used to deal leniently with the well-to-do debtor and to remit the debt to one who was in straitened circumstances, so he was forgiven” (Bu. 34:17).