The analysis of the ethic-economic sides of loan interest using in modern Islam

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Date
2019
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
Islam gives for the worldly life the positive value system. Ethics of Islamic economics is in agreement with the West-Christian attitudes towards the individual ethical sphere. It is to ask how much define ethics of Islamic economics principles factual behaviors of Muslims, because the basic determinable factor of the economic backwardness of Near East Islamic countries represents loan interest prohibition. The Quran forbids historically usury (riba). Against this, it supports on the joint-stock(share) principle based temporal assignment of own capital with a beforehand agreed part of win or loss. The supporters of Islamic financial system seem in this primary interest-yielding alternative form of the money loans. By such position they hinder valuable participation of the process of Islamic economic modernization and Islamic financial systems in globalization process.
Description
1. A. Ghanie Ghaussy, Die islamische Wirtschaftsethik und Wirtschaftslehre, Jahrbuch für Sozialwissenschaft, Bd. 34, H. 3, Lucius and LuciusVerlagsgesellschaft mbH, Stuttgart, 1983. 2. Das Zinsverbot ‘Riba’ im Islamic Banking – Islamic Banking Blog., islamicbankingblog.de/ das-zinsverbot-riba-im-islamic-banking/ 3. S. Al-Harran, Leading Issues in Islamic Banking and Finance, Petaling Jaya., 1995.
Keywords
Islam, Islam and Christianity, Ethics of Islamic Economics, Koran and usury (Reba)
Citation
Economics and Business, №4, 2019, pp. 149-156
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