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

In: Islamic Finance and Sustainable Development

Author

Listed:
  • Rashedul Hasan

    (Coventry University)

  • M. Kabir Hassan

    (University of New Orleans)

  • Mamun Rashid

    (Universiti Brunei Darussalam)

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.

Suggested Citation

  • Rashedul Hasan & M. Kabir Hassan & Mamun Rashid, 2021. "Qard Hasan (Interest-Free Loan) as a Tool for Sustainable Development—Global Evidence," Springer Books, in: M. Kabir Hassan & Mehmet Saraç & Ashraf Khan (ed.), Islamic Finance and Sustainable Development, chapter 0, pages 307-330, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-76016-8_13
    DOI: 10.1007/978-3-030-76016-8_13
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    More about this item

    Keywords

    Qard Hasan; Sustainable development; Shariah; Islamic finance;
    All these keywords.

    JEL classification:

    • E49 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Other
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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