Syed Zafar Mahmood

Less known Quranic injunction — Turn Riba into charity

Dr Syed Zafar Mahmood, President, Zakat Foundation of India, presented a research paper at the University of Glasgow's International Conference on Islamic Perspective of Accounting, Finance, Economics and Management (7 -9 April 2015). The paper explores the effect of Zakat, Sadaqah and Qulil Afwa on society, and discusses why riba is forbidden in Islamic economies. In conclusion, the concomitant theme of all economic activity should be to ensure that the community's wealth keeps on changing hands and circulating across the entire social spectrum.

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