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Malik related to me from al-Ala ibn Abd ar-Rahman from his father
from his father that Uthman ibn Affan gave him some money as qirad to
use provided the profit was shared between them.
Muwatta Malik Book 32, Hadith 2
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Malik related to me from Zayd ibn Aslam that his father said,
"Abdullah and Ubaydullah, the sons of Umar ibn al-Khattab went out
with the army to Iraq. On the way home, they passed by Abu Musa al-
Ashari who was the amir of Basra. He greeted them and made them
welcome, and told them that if there was anything he could do to help
them, he would do it. Then he said, 'There is some of the property of
Allah which I want to send to the amir al-muminin, so I will lend it
to you, and you can buy wares from Iraq and sell them in Madina. Then
give the principal to the amir al-muminin, and you keep the profit.'
They said that they would like to do it, and so he gave them the money
and wrote to Umar ibn al-Khattab to take the money from them. When
they came to sell they made a profit, and when they paid the principal
to Umar he asked, 'Did he lend everyone in the army the like of what
he lent you?' They said, 'No.' Umar ibn al-Khattab said, 'He made you
the loan, because you are the sons of the amir al-muminin, so pay the
principal and the profit.' Abdullah was silent. Ubaydullah said, 'You
do not need to do this, amir al-muminin. Had the principal decreased
or been destroyed, we would have guaranteed it.' Umar said, 'Pay it.'
Abdullah was silent, and Ubaydullah repeated it. A man who was sitting
with Umar said, 'Amir al-muminin, better that you make it a qirad.
'Umar said, 'I have made it qirad.' Umar then took the principal and
half of the profit, and Abdullah and Ubaydullah, the sons of Umar ibn
al-Khattab took half of the profit."
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Malik said, "The recognised and permitted form of qirad is that a
man take capital from an associate to use. He does not guarantee it
and in travelling pays out of the capital for food and clothes and
what he makes good use of, according to the amount of capital. That
is, when he travels to do the work and the capital can support it. If
he remains with his people, he does not have expenses or clothing from
the capital."