The Effects of Interest (Riba) on Economy: A Related Review

Abstract

The article "Effects of Interest on Economy" discussed elaborately about interest from the angle of socio-economic outlook. Here the characteristics of interest and its negative effects have been discussed logically and beautifully. By reading this article one can get a clear picture of how interest creates economic and social instability as well as the harmful effects of interest on investment and production. The holy Quran prohibited interest and all forms of interest-based transaction 1400 years ago. From this article one can know that the prohibition of interest is applicable for Muslims and non-Muslims alike. So, in order to free our economy from the cruel clutch of interest, Muslims and non-Muslims all have to come forward to remove interest from the society.

Beside creating public awareness against interest, we have to find out a proper alternative to interest-based economy. For this, the brilliant minds of our country should employ their skill, intelligence and sincerity. Not only Bangladesh, the whole world must be shown an effective Islamic economic system by following which mankind can free themselves from financial crisis.