Can I have a Heter Iska signed retroactively if one has not been signed at the time of execution of a loan/investment?
Answer:
A heter iska cannot work retroactively. The contract (loan/investment) must be voided, and renewed with the added clause of the iska.
Sources: See Bris Yehuda (40:23).
ערוך השולחן חושן משפט הלכות שותפים סימן קעו
ואין לזה תקנה רק שימסור לו המעות בחזרה דקניין סודר אינו מועיל במעות
In other words, it’s not enough to void the contract, you have to actually give the money back too. Alternatively, be makneh a part of the borrower’s property to the lender in lieu of payment of the loan, and then receive it back as an investment al pi hetter iska.
(It may be possible to do this in one step – be makneh part of the borrower’s property, and this itself will be the investment, with profits returned to the lender al pi hetter iska)
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