Publication:
Alternative financial instruments to riba interest and their role in distributing and redistributing the wealth in a just manner
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Date
2023
SDG:
Abstract
The failure of the capitalist system in financing with zero interest created a huge gap between the rich and the poor. According to the World Bank statistics of 2012 on Global Issues, more than 80% of the world's population live in countries where income inequality is very wide. As stated by the World Bank 20% of the poorest of the world's population accounts for less than 2% of the global wealth where 20% of the richest account for almost 77% of the global wealth in 2008. One of the main causes of this wealth inequalities is the lending with interest and which in turn increases the wealth of the minority rich and reduce the wealth of the mass. Such situation encourages the authors to look at the alternative financial system which has been recommended in Islam and which provides many financial products that can help not only in reducing the gap between the rich and the poor but can promote economic growth in a just sustainable manner. The main objectives of this book are to comprehensively discuss the Islamic financial products and the Islamic socio financial products using current practical cases besides highlighting their economic and social impact in various countries.
Keywords
Finance , Islamic banking , Usury , Islamic countries
Citation
A. Mohsin, M. I., Ahmad, R., & Muneeza, A. (2023). Alternative financial instruments to riba interest and their role in distributing and redistributing the wealth in a just manner. UM Press.
Publisher
UM Press