Isar

Definition of "Isar"

Lit: Poverty; financial straits; insolvency. Tech: A condition of financial stringency when a debtor is not left with any asset to meet his debts. The Qur’an enjoins that such a debtor be given relaxation either in the time for repayment or by forgiving all or part of the debt. It is distinct from insolvency under the law. In case of insolvency, the debtor still owns some assets to pay his debts partly. But in case of ‘isar, he has no asset to meet his debt obligations.