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Interest and the Modern Economy

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Author Info
Zaman, Arshad
Zaman, Asad

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Abstract

The argument that modern economies cannot function without interest is examined in detail. We show that Islamic alternatives to interest, which vary with the context and the type of loan, provide adequate substitutes. Interest based institutions lead to many types of difficulties both practical and theoretical. Islamic alternatives provide solutions to these difficulties.

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File URL: http://mpra.ub.uni-muenchen.de/9944/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 9944.

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Date of creation: 2000
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Publication status: Published in Lahore Journal of Economics 6.1(2001): pp. 113-127
Handle: RePEc:pra:mprapa:9944

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Related research
Keywords: interest; riba; Islamic economics; prohibition of interest; profit sharing; Ricardian equivalence; Modigliani Miller Theorem;

Find related papers by JEL classification:
B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other

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This page was last updated on 2009-12-19.

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