Abstract
To structuralize collective economic system into an Islamic mold, it needs to be interest free. For this reason it is pertinent to instruct key financial institutions and central banks on Islamic principles. Interest, has now become a compulsory part of the economy. Its purpose, as stated is not stabilization of economy rather it gives rise to materialism, furtherance of monetary benefits and greed. The common practice of 'interest' based transactions has brought many ills to the market. The negative effects of interest are known to all. Commercial banks have given a new life to interest based transactions. It is absolutely contradictory to the Islamic teachings and thus impact the social systems and ethical standards. It hurts the very basics and therefore is not advisable even though at times it might be beneficial. Interest based transactions give way to selfishness, greed and other unethical practices as the capitalist is only interested in getting the most out of his money. With reference to the above context this article focuses the edifice of Islamic principles, introduction to interest, it's ethical and spiritual negativity with profound arguments. It has been observed that the unending wish list of the womenfolk these days is responsible for a lot of interest based transactions. The article also talks about what the women can do to avoid perpetuating the effects of interest in an economic system while highlighting the examples of sahabiayat.
Saima, Shehnaz Ghazi. (2017) The Role of Women in the Non-Profit Economy System, Pakistan Journal of Applied Social Sciences, Volume 5, Issue 1.
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