International Journal of Accounting Research

Abstract

HOW RIBA DESTROYS SOCIAL NORMS IN A COUNTRY LIKE PAKISTAN

Adnan Arshad*, Majid Ali Khan and Usman Zafar

The aim of this paper is to examine the effects of riba on society and economic life of people. In this paper, we examined briefly the pros and cons of riba in social norms. We know riba is destroying the economy all over the world. But, we examined the society of Pakistan for our study. We find that riba is an antecedent of many social crimes; just like theft. In Islam, riba is strongly prohibited in favor of poor and needy people. A number of people have become a victim of it; and due to this, the people destroyed their financial life. The govt. and people should be protecting to these people. There are a number of Islamic modes of finance; but there is a need to boost it in society. We should provide awareness to our youngsters and business society regarding the drawbacks of riba.

Published Date: 2021-04-22; Received Date: 2020-12-30