Paper Title
An Alternate Financial System- Relevance and Challenges
Article Identifiers
Authors
Dr. Rakhshandah Hani
Keywords
Alternate system, interest, relevance, challenges
Abstract
Global economic crises have exposed the weaknesses of financial systems established by the advocates of capitalism. Unchecked speculative activities and corruptive practices of market players have damaging effects on the functioning of the economy. There is lack of coordination between suppliers and users of capital creating a conflict of interest. Those in need of funds are put in disadvantageous positions and are likely to face exploitation. Economic thinkers and policy makers are revisiting the proponents of conventional financial system so that inequalities of system can be dealt with. Profit and loss sharing models of finance are being proposed as more egalitarian models. The distinguishing feature of an alternate system is the prohibition of interest and other usurious transactions, the ill-effects of which are not hidden from economic thinkers. This paper presents principles on which such a system rests and its relevance in recent times. However, several challenges are involved in the transition from a conventional system to another order.
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How To Cite (APA)
Dr. Rakhshandah Hani (July-2023). An Alternate Financial System- Relevance and Challenges. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(7), a531-a537. https://ijnrd.org/papers/IJNRD2307067.pdf
Issue
Volume 8 Issue 7, July-2023
Pages : a531-a537
Other Publication Details
Paper Reg. ID: IJNRD_201021
Published Paper Id: IJNRD2307067
Downloads: 000121984
Research Area: Arts
Country: Mumbai, Maharashtra, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2307067.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2307067
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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)
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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition
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