The Comparative Analysis of Economic Consequences of Conventional Banking System and Qarz-ul-hassana Institution

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DALLALI ISFAHANI RAHIM; BAKHSHI DASTJERDI RASUL; Hoseiny Seyyed Aqil

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Journal: ECONOMIC STRATEGY Year:2018 | Volume:7 | Issue:26 Page(s): 51-81

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Title

The Comparative Analysis of Economic Consequences of Conventional Banking System and Qarz-ul-hassana Institution

Author(s)

DALLALI ISFAHANI RAHIM | BAKHSHI DASTJERDI RASUL | Hoseiny Seyyed Aqil | Issue Writer Certificate

Keywords

Qarz-ul-hassanaQ2

Interest bearing lending and barrowingQ1

Banking systemQ3

Fractional reserveQ1

Ponzi-schemeQ1

Abstract

In this paper we analyse the economic aspects of Qarz-ul-hassana in compare with the conventional monetary system. Recent studies in this field mostly have followed a juriseprudence and legal approach. But this study follows a theoretical economic approach for explaining the economic consequences of conventional Banking system. We show that this system by encouraging the social time preference and intreset rate, leads to unemployment, by credit creation leads to inflation, and by distorting the present and intertemporal allocation of resources leads to the increasing inequality. Then we argument that Qarz-ul-hassana is the essential prerequisite and the complemantary of an interest-free society. Finally it is shown that the transition from conventional monetary system to an ideal system nessesitates a foundamental and essential changes in the conventional institution and regulation of national and international monetary system in a long term process.

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APA: Copy

DALLALI ISFAHANI, RAHIM, BAKHSHI DASTJERDI, RASUL, & Hoseiny, Seyyed Aqil. (2018). The Comparative Analysis of Economic Consequences of Conventional Banking System and Qarz-ul-hassana Institution. ECONOMIC STRATEGY, 7(26 ), 51-81. SID. https://sid.ir/paper/233874/en

Vancouver: Copy

DALLALI ISFAHANI RAHIM, BAKHSHI DASTJERDI RASUL, Hoseiny Seyyed Aqil. The Comparative Analysis of Economic Consequences of Conventional Banking System and Qarz-ul-hassana Institution. ECONOMIC STRATEGY[Internet]. 2018;7(26 ):51-81. Available from: https://sid.ir/paper/233874/en

IEEE: Copy

RAHIM DALLALI ISFAHANI, RASUL BAKHSHI DASTJERDI, and Seyyed Aqil Hoseiny, “The Comparative Analysis of Economic Consequences of Conventional Banking System and Qarz-ul-hassana Institution,” ECONOMIC STRATEGY, vol. 7, no. 26 , pp. 51–81, 2018, [Online]. Available: https://sid.ir/paper/233874/en

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