Qard Hasan (Interest-Free Loan) as a Tool for Sustainable Development—Global Evidence

Rashedul Hasan (), M. Kabir Hassan and Mamun Rashid ()
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Rashedul Hasan: Coventry University
Mamun Rashid: Universiti Brunei Darussalam

Chapter Chapter 13 in Islamic Finance and Sustainable Development, 2021, pp 307-330 from Springer

Abstract: Abstract Qard Hasan is an interest-free loan which complies with the Shari’ah principles. However, Qard Hasan has not been able to attract much attention. In the current study, we examine the importance of Qard Hasan in ensuring sustainable development objectives set by the united nation. We have collected information from the World Bank and Islamic Financial Service Board (IFSB) database to construct an unbalanced panel. The final sample consists of 21 counties and data ranges from 2013 to 2018. Results provided by the study confirms that Qard Hasan can play a decisive role in ensuring sustainable development. Besides, we establish that the inclusion of Qard Hasan in the total Shari’ah-compliant financing portfolio can foster sustainable development. This is the first study that confirms the influence of Qard Hasan finance towards ensuring sustainable development from a global perspective.

Keywords: Qard Hasan; Sustainable development; Shariah; Islamic finance (search for similar items in EconPapers)
JEL-codes: E49 G30 Q01 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-76016-8_13

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DOI: 10.1007/978-3-030-76016-8_13

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