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Knowledge, Cause and Level of Acceptance of Interest among Muslims in Balochistan

Author

Listed:
  • Nadeem, Faiza
  • Zaman, Nadeem Uz
  • Shah, Syed Raza Irfan

Abstract

Islam is not just a religion but a life’s complete code – presents economic, social and political systems of its own to guide human in all aspects of life – thus has prohibited interest which is the exploitation to the people and acting like a curse for the whole humanity – due to interest rich is getting richer and poor is getting poorer–affects the borrower and the lender alike. There is no research that throws light on the knowledge, cause and level of acceptance of interest among Muslims; this study thus evaluates the same. The sample size of 100 respondents was chosen to give their opinions against the questionnaire regarding to the issue in stratified sampling of the Muslims living in Quetta, Balochistan. The results clearly indicated that Muslims do have knowledge of prohibition of interest in Islam. The cause behind the acceptance of interest is relying on conventional economic system, being modern and selfish, return on deposits, credit facilities, assurance of guaranteed profit, the risk on investment and time value consideration of money. In order to help in reduction of the level of acceptance of interest the effective corporate governance and the highly ethical economic system are to be needed well-regulated with transparency to guide social lives with the compliance of main tenets of Shariah.

Suggested Citation

  • Nadeem, Faiza & Zaman, Nadeem Uz & Shah, Syed Raza Irfan, 2015. "Knowledge, Cause and Level of Acceptance of Interest among Muslims in Balochistan," MPRA Paper 64556, University Library of Munich, Germany, revised 24 May 2015.
    • Handle: RePEc:pra:mprapa:64556
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    References listed on IDEAS

    as
    1. Shaikh, Salman, 2010. "A Brief Review & Introduction to Practiced Islamic Banking & Finance," MPRA Paper 19458, University Library of Munich, Germany.
    2. Noor Ahmed Memon, 2007. "Islamic Banking: Present And Future Challenges," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 3(1), pages 1-10.
    3. Noor Ahmed Memon, 2007. "Islamic Banking: Present And Future Challenges," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 3(1), pages 3-1.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Knowledge; Cause; Level; Acceptance; Interest; Muslims; Balochistan;
    All these keywords.

    JEL classification:

    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration

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