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Money, Interest And Qirad

Author

Listed:
  • Mahmud Abu Sa'ud

Abstract

Economics is a social science that constitutes an integral part of the ideology, which prevails in a certain society. It is dangerous to adopt an economic system that does not emanate from and correspond with the ideology, in fact such a trial is doomed to be a failure. Thus, there is no “Islamic Economics” per se unless there is an Islamic ideology prevailing and applied in a Muslim community. Islam is based upon the principles of Oneness of God, the liberty and dignity of men, their equality as creatures and servants of God and justice among them and in their reward. These elements, inter alia, are reflected in the economic concept of Islam, money included.

Suggested Citation

  • Mahmud Abu Sa'ud, 2002. "Money, Interest And Qirad," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 10(1), pages 67-98, June.
  • Handle: RePEc:ije:journl:v:10:y:2002:i:1:p:67-98
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    File URL: http://www.iium.edu.my/enmjournal/101art4.pdf
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    More about this item

    Keywords

    Money; Interest; Islamic economics;

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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