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A Complementary Set for Growth: Interest Free Market and Philanthropy

Author

Listed:
  • Toseef Azid
  • Othman Altwijry
  • Osama Al Rewashidah

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.

Suggested Citation

  • Toseef Azid & Othman Altwijry & Osama Al Rewashidah, 2021. "A Complementary Set for Growth: Interest Free Market and Philanthropy," Journal of Economic Impact, Science Impact Publishers, vol. 3(3), pages 233-242.
    • Handle: RePEc:adx:journl:v:3:y:2021:i:3:p:233-242
    DOI: 10.52223/jei3032114
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    References listed on IDEAS

    as
    1. J. Graafland, 2010. "Calvin’s Restrictions on Interest: Guidelines for the Credit Crisis," Journal of Business Ethics, Springer, vol. 96(2), pages 233-248, October.
    2. Luthans, Fred & Luthans, Kyle W. & Luthans, Brett C., 2004. "Positive psychological capital: beyond human and social capital," Business Horizons, Elsevier, vol. 47(1), pages 45-50.
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