Qard Basics: Benevolent Loans in Islamic Finance
Posted 9 months ago by INCEIF
Understand qard as a social finance tool
When someone provides a qard, the borrower is obligated to repay only the principal amount borrowed. As a benevolent loan, qard stands as a testament to the prohibition of usury (riba) in Islam, encouraging Muslims to extend financial assistance without the burden of interest.
On this four-week course, you’ll delve into the concept of qard as a social finance tool deeply rooted in Islamic ethics.
You’ll start by understanding the fundamental concepts of qard and its significance in Islamic finance. You’ll also distinguish between qard and qard hasan, understanding their differences.
Discover how qard relates to ethical finance
Qard is often used in various charitable and social finance contexts, promoting economic justice and financial inclusivity within the framework of Islamic principles.
You’ll understand the ethical dimensions of qard and its implications for societal wellbeing. Through this exploration, you’ll discover how qard enables individuals to make a positive impact on society through ethical financial practices.
Develop your understanding of the finance industry
Next, you’ll delve deeper into the operation aspects of qard in Islamic finance.
You’ll dissect the conditions and salient features of qard, comparing them to other financial instruments. Using real-life examples, you’ll gain practical skills in the application of qard in fostering community welfare and operational sustainability.
Explore wealth distribution with INCEIF
Finally, you’ll examine the impact of qard on wealth distribution to gain an understanding of its potential to empower marginalised communities.
By the end of the course, you’ll have a comprehensive understanding of qard, equipped to apply its principles ethically and promote financial inclusivity in your community.
This course is designed for anyone interested in Islamic finance such as students, professionals in the finance industry, and anyone wanting to understand the qard contract.
This course is designed for anyone interested in Islamic finance such as students, professionals in the finance industry, and anyone wanting to understand the qard contract.
- Principles and concepts of qard and its significance in addressing societal needs
- Impact of qard on societies, including its contributions to poverty alleviation, community development, financial inclusion, and ethical financial practices
- How qard is applied and practised from around the globe