The World Federation One Stop Fiqh

Ruling 2364

It is not necessary that the parties say a particular formula (ṣīghah) [for a gratuitous loan agreement to be valid (ṣaḥīḥ)]. If, for example, a person gives some clothing to someone with the intention (qaṣd) of a gratuitous loan and the latter accepts it with the same intention, it is valid.