Munich Personal RePEc Archive

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

Nadeem, Faiza and Zaman, Nadeem Uz and Shah, Syed Raza Irfan (2015): Knowledge, Cause and Level of Acceptance of Interest among Muslims in Balochistan.

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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 needed to be well-regulated with transparency to guide social lives with the compliance of main tenets of Shariah.

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