Even “Act of GOD” can’t help with EMI-Payments

When we talk about the GIZMOS, we feel that we are discussing the upgraded version of the electronic gadgets. Millennial, or to use the more advanced term, Z generation are constantly following the trend of GIZMOS.  The changing trends in every new electronic gadget with optimum advance features are used as a bait to trap the minds of the Z generation. These minds become more vulnerable when they see the video of their friends unpacking the latest gadget or, by seeing a photo of him with the latest gadget on Instagram handle. The virtual world has influenced our minds like anything. The more the products grab the space on the side screen, the more it will be sold. Decreasing income and increasing expenses are the consequences for which many fall prey to this trap. And one such trap is EMI(Equated monthly Instalment). EMI is a trap for those who are prone to unnecessary acquisitiveness.  The thrill to acquire more than what a wallet can avail comes with a repent when it doesn’t meet the end of expenses.  At the initial stage the gadget which looked appealing will soon become a curse when it asks for the remaining outlay. By seeing the coveted gadget in hand the joy of acquiring it will gradually diminish.

In my opinion, if we buy something which will yield a bigger sum in future, is worth buying by paying instalments. E.g.; House, land, Gold, etc.  But to buy anything on instalment whose market value will decrease by the course of time is a sheer loss. E.g.; Mobile Phone, car or any electronic gadget falls in this category. 

Islamic perspective

In Islamic jurisprudence, a business, trade or any commerce activity is emphasized to be carried out and performed in cash. The trade on credit in the world is almost based on Interest which is prohibited in Islam. The current unprecedented period has given abundance evidences about adverse and harmful effects of trading on credit. EMI is also one of it.

I am awestricken when I still see people enjoy buying the goods on EMI. In the existing situation, a person’s income is unforeseeable.  If a person does not know what he’s going to earn tomorrow; how he can convince himself to carry out an expense for which he doesn’t have enough surplus at present . What these innumerable trading partners are doing? They are convincing people’s naïve minds by the sweet  trap of  EMI. If you utter a word about your financial disability to enjoy their service, they will immediately come up with the option of EMI.

In the current scenario nobody can forecast his income for the upcoming months. If the income is not assured or guaranteed then how can a person pledge and vow for the commitment?

During this pandemic the most devastative condition was for those who have purchased most of their goods on EMI. And also those people who  faced the severe consequences on business done on credit and not cash.

Benefits of Cash

Purchaser, if he is a trader, doesn’t have the burden of selling it at cheaper price as he doesn’t have any liability on himself.

Purchaser, if purchased something for himself or for his personal use and interest, will remain relaxed to use it according to his will.

If, purchaser is mulling to shift from one product to another, he can easily do by selling the existing product (if required) and purchasing the new one.

The grievance upon the damage of the product obtained in cash will be less compared to the grievance of the product which is purchased on the credit.

The pleasure of fully owning the product can’t be compared with owning it partially. Else, it will remain as a rented property in the hands of the purchaser.

Conclusion

The world is facing a severe recession. Millions of people are unemployed, the simulation or the financial aid given by the government is not enough to meet the necessities of the citizens. Again the aid given is in the form of the interest which will in turn further become the burden over the people. Also banks are not able to recover the amount due to the hefty bad debt. The reasons behind the accumulation of bad debt are credit business, EMI facilities, etc.

The best rescue from the labyrinth of the financial depression is the business on cash; which will stop the accumulation of bad debt and grant a relaxed and prosperous future ahead. The best practice adapted in this regard is, by Dawoodi Bohra community where a community member can avail the benefit of the Qardan Hasana. Allah Ta’laa mentioned Qardan Hasana in many verses of al Quran al Kareem. In one verse ALlah Ta’aala states:

“If you lend a goodly loan (QARDAN HASANA) to God, He will double it for you, and forgive you. God knows the worth of good deeds and is clement.” (al Tagabun, Ayat-17)

The reward of Qardan Hasana mentioned by Allah Ta’aala is boundless. May we integrate the path defined by Allah Ta’aala in our lives. (Ameen)