Understanding the Causes of the Debt-Crisis: Interest-Based Financing

Authors

  • Abdul Karim Abdullah (Leslie Terebessy) International Institute of Advanced Islamic Studies (IAIS) Malaysia

DOI:

https://doi.org/10.52282/icr.v3i4.511

Abstract

This article looks at riba-based financing from the perspective of efficiency, within the context of Islam. In particular, it tries to address the question whether interest-based financing results in a more efficient allocation of resources, as claimed by its supporters, than financing on the basis of profit and loss sharing, as claimed by the supporters of Islamic finance. Efficiency is used in this article primarily in its macroeconomic sense, in which it signifies the production of goods and services that meet the needs of the people, without generating persistent surpluses or shortages.

 

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Published

2012-07-15

How to Cite

Abdullah (Leslie Terebessy), Abdul Karim. 2012. “Understanding the Causes of the Debt-Crisis: Interest-Based Financing”. ICR Journal 3 (4):678-701. https://doi.org/10.52282/icr.v3i4.511.

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