The Prohibition of Interest and its Alternate: A Study Based on Islamic Teachings

Abstract

The prosperity and peace of a society much or less depends on its financial system. While for the smooth running of society and its matters, there are several instructions in Islamic Shariah and allows what's proper and forbids what is inaccurate. When we communicate the economic problems, Islamic Shariah strictly condemns interest. The question may additionally stand up why Islam prohibits interest; while it was already in practice earlier than the advent of Islam. This paper is an attempt to clear that the prohibition of interest in Islam is just for the sake of humanity and society. Therefore, Islam provides alternate ways for the welfare and stability of a society. Interest is not only forbidden in Islam but monetary specialists also are searching for its alternative. In this paper we're discussing how interest causes imbalance in the society and as an alternative what Islam suggests to its followers.