The Concept of Public Borrowing in Islam

Abstract

Public borrowing is an essential source of income for state in
the Islamic and conventional economy now days. But the question
arises that borrowing is allowed in Islamic shariah or not. This paper
discussed the different meaning of borrowing from Scholars point of
view. Also examines the conditions/ rules and scope of borrowing in
Islam. By defining the Responsibilities of borrower and lender,
discuss does Islam encourage/di scourage borrowing money?
This paper also gives different examples of borrowing from
early Islamic history .Al-Ghazali view about the public borrowing as
a source of revenue, in addition to taxes and other levies. Also
deliberate the legal steps for refund of debt and the responsibility of
the Islamic Government. At the end, discuss Sharia proposed.
punishments on delay of repayment of loan
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