Originally published in The Conversation on 19 February 2018, by Mamiza Haq.
Interest fuels the financial world. The money sitting in your bank account accrues it, and the credit cards in your wallet charge it. If you ever want money quick, you’re going to being paying a decent amount of interest for having that money now rather than later.
But under Islamic law, interest is explicitly forbidden. In fact, the guidance comes directly from the Quran.
So how do finance, debt and all of the ways we get money in the conventional banking system work if you can’t charge interest?
The University of Queensland’s Mamiza Haq explains.
Read the full article on The Conversation.
