Analyzing the Effects of Qard Al-Hassan as A Monetary Policy Tool in Islamic Economics

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Mohammadbeigi Saeid

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Journal Paper

Paper Information

Journal: Majles & Economy Year:2025 | Volume:2 | Issue:4 Page(s): 725-758

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Information Journal Paper

Title

Analyzing the Effects of Qard Al-Hassan as A Monetary Policy Tool in Islamic Economics

Author(s)

Mohammadbeigi Saeid | Issue Writer Certificate

Keywords

Islamic banks

Qard-Al-Hassan

Economics

Islamic economics

Abstract

This study examines the effects of Qarz-ul-Hasanah funds as a monetary policy tool and its effectiveness in achieving full employment and price stability in the economy. Monetary policies, as key tools of the central bank in maintaining full employment and price stability, play a significant role in improving economic conditions. In interest-based economic systems, the central bank uses interest rates and related tools, but in the Islamic system, alternative tools such as Qarz-ul-Hasanah are used. In this paper, monetary policy based on Qarz-ul-Hasanah and its effects on major macroeconomic variables have been examined using the aggregate production and aggregate cost model within the framework of Islamic economic principles. The results of the present study show that monetary policies based on Qarz-ul-Hasanah have had a positive impact on the real sectors of the economy and have increased production and returned the economy to full employment. The present study presents a complete model of Qarz-ul-Hasana as a monetary policy tool with a transmission mechanism, in which the theoretical model of Qarz-ul-Hasana is systematically developed and can be used as an effective monetary policy tool in achieving full employment and price stability. This Qard-Al-Hassan-based monetary policy model can create a new horizon of economic growth, full employment, and price stability by increasing production and employment, as well as by eliminating excess or deficiency of demand in the economy.

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