Qardan Hasana FAQ
Splitting the two words, "Qardan" or "Qard" means 'lending money to someone for a specific period of time', while the word "Hasana" or "Hasan" means 'good'. Combining both the words the meaning would be 'lending money to someone for a specific period of time, WITHOUT expecting any sort of gains or benefits out of it'.
Conceptually, there is no difference, whether one gives Qardan Hasana to an individual or to a Qardan Hasana institute. But yes, in placing the amount in a Qardan Hasana institute, the sum of beneficiaries definitely increases.
Yes, both are absolutely the same. Husain Scheme is just a name which identifies that the Qardan Hasana has been given to the Qardan Hasana institute.
Husain Scheme is a Qardan Hasana scheme, and specifying the return date of given money is the essence of Qard. Hence, 'muddat' cannot be exempted from Husain Scheme. Those who don't specify muddat while contributing in Husain Scheme almost always tend to consider it as a savings scheme, which is a wrong conception.
The jumu`ah collection scheme, i.e. the Mohammedi Scheme, is a Qardan Hasana scheme where one lends money for a permanent period which eventually builds the corpus of a Qardan Hasana institute. This phenomenon is equivalent to one giving Qardan Hasana to an individual and then simply exempting the condition of the borrower returning back the amount taken. The same applies to the Taher Scheme, where one contributes by giving Qardan Hasana for a permanent period or as a corpus amount.
The contributions of all schemes get accumulated in the Qardan Hasana institute. Applicants are allocated Qardan Hasana from the said corpus for their economic and social growth. Qardan Hasana is majorly provided for business expansion or to start a new business. Apart from that applications concerning education, medical, housing, religious affairs and home industries are also catered to.