Islamic Economics Studies Bi-quarterly Journal

The effect of Qarz al-Hasna facilities on macroeconomic variables

Document Type : Research Paper

Authors

1 Assistant Professor of Management and Accounting Department, Faculty of Management and Accounting; Kooshyar university; Rasht; Iran

2 . assistant professor of finance department; Faculty of Accounting; Rahbord shomal University; Rasht; Iran

3 Assistant Professor of Accounting Department; Faculty of Management and Accounting; Tolo Mehr University; Qom; Iran

10.30497/ies.2023.243543.2121

Abstract

Standpoint of Islamic, Qarz al-Hasna, as an effective tool, has played an active role in solving the economic problems of society by establishing the flow of money from the rich to the low-income classes and by changing the pattern of production, increasing employment and meeting the essential needs of the needy. Considering this issue and based on theoretical discussions that testify to the positive effect of Qarz al-Hasna on the country's economy and economic variables, This paper seeks to investigation of the role of Qarz al-Hasna facilities on macroeconomic variables in Iran. For this purpose, using the time series data of 1989-2019 and Autoregressive distributed lag (ARDL) model has been used. The empirical study shows that according to the emphasis of verses and hadiths and other descriptive analytical studies on the importance of Qarz al-Hasna and its positive effect on economic variables, in Iran economics, granting of credit facilities by banks and credit institutions in the form of Qarz al-Hasna has a positive effect on macroeconomic variables. Of course, close supervision of the Central Bank on type of allocation of these facilities is a necessary condition for the success of Qarz al-Hasna facilities. All models have been approved in the short and long term.

Keywords

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Ergeç, E. H., & Kaytancı, B. G. (2017). Effects of Islamic Banking on employment: Turkish experience. In Handbook of Research on Unemployment and Labor Market Sustainability in the Era of Globalization (pp. 235-254). IGI Global. In english
Miguel Mello, Jorge Ponce.(2020). “Fiscal policy and inflation expectations” Banco Central del Uruguay Working Papers, 7-2020. In english
Islamic Economics Studies Bi-quarterly Journal
Volume 15, Issue 1 - Serial Number 29
September 2023
Pages 123-148