FAİZ VE KARŞI OLDUĞU FAİZSİZ FİNANSAL SİSTEM: FAİZSİZ BANKACILIK

Abstract

The theory of interest has always been a very difficult area in economic literature. However in this study; “ Interest is an intermediary between debt and return or wealth and return. If interest is redefined in this meaning, we have to upload it new functions and a new way of usage principles. The monetary authorities use the interest rate as its instrument of control to stabilize the economy. The magic word “interest” is a measuring unit and important parameter for economic indicators and parameters. If the interest rates low in an economy, it is taken as a positive indicator for the economy, if it is high, it shows the problematic structure of the economy in that specific country. Accordingly, investors rush for investment or retain from investment. But in the case it is high, there is no economic stability, no trust in the economy, people are not in welfare and the governments spend most of their time to offset interest and inflation rates which led by fundamental interest rates. In this regard, interest is not an economic factor playing role in the only economy but also it plays a crucial role in the social life of all societies. It is a basic determinant in lending, investing and all funding operations with different names; nominal interest, compound interest, accruals, ROI, ROE, IRR, etc… However, without time in all computations, it does not mean a lot. So, in this study, this great duo will be taken on hand in deep, and their roles in interest- free banking/financing will be explained. Also, I will try to show the uses and limitations of interest-free applications in guiding financial decisions in practice. In this paper, I am sincerely interested in introducing a new system of interest-free banking not as a supplement to the prevalent system of banking but to substitute the same. But I am not taking the subject on hand from any theological point of view. In the study, there are two types of interest; positive interest and negative interest. Here I am neutralizing the negative interest ( credit interest = interest paid) with positive interest( deposit interest = interest yielded). The study is fully based on this reality.