A Complementary Set for Growth: Interest Free Market and Philanthropy

Toseef Azid, Othman Altwijry and Osama Al Rewashidah

Journal of Economic Impact, 2021, vol. 3, issue 3, 233-242

Abstract: This theoretical research highlights the effects of interest and realizes the Interest-free market and philanthropy as a solution to its adverse impact on the economy and society. Interest is always well-thought-out as a vice in all the earliest and existing religions. Authors try to explain that in spite of the adversarial effects of interest, its role is significant in the business transaction in the global world. The study concludes that interest is immoral and unrealistic, and Islam has given the solution in the form of joint ventures, and its investment modes are Mudharabah or Musharakah. In this way, the welfare of an individual and the social welfare of society can be achieved.

Keywords: Interest-free market; Philanthropy; Growth (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:adx:journl:v:3:y:2021:i:3:p:233-242

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