RULES FOR GRANTING OF QARD AL-HASAN AS AN ISLAMIC FINANCIAL INSTRUMENT

DOI: 10.36871/ek.up.p.r.2021.07.02.012
UDC 336.64

Authors

Sh. A. SHOVKHALOV,
Doctor of Economics, Professor of the Department of Legal Disciplines, Chechen State Pedagogical University, Grozny, Russia

Abstract

In Russian practice, the granting of a loan is a frequent occurrence. However, the accrual of interest is contrary to Islamic law, which limits its use by Muslim entrepreneurs. Moreover, even in the absence of additional charges, there are many nuances associated with the topic under study. The purpose of this article is to identify specific rules for granting qard al-hasan to legal entities and individuals in the Russian legal field. The practical significance of this work lies in the possibility of applying theoretical developments in the activities of socially oriented financial organizations.

Keywords

qard al-hasan, interest-free loan, Islamic economics, Islamic finance, institutional economics.