ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Also known as al-qard al-hasan, qardh hasan qard hasan, or qard. An Islamic finance term, qard al-hasan refers to an interest free loan. In a qard al-hasan transaction, the borrower repays the principal amount of the loan without interest, mark-up, or a share in the business for which the loan was used.

Detailed explanation-2: -Qardan Hasana, meaning interest-free loans, has been instrumental in the social and economic prosperity and growth the Dawoodi Bohra Muslim community has experienced in the last 40 years.

Detailed explanation-3: -G 8.1 Qard refers to a contract of lending money by a lender to a borrower where the latter is bound to repay an equivalent replacement amount to the lender. 8.2 Money may include cash in any currency, gold or silver.

Detailed explanation-4: -Definition of Qardh Al Hasan (Loans) Ihsan means kindness to others. So, hasan is an act which benefits persons other than those from whom the act proceeds without any obligation. The term al-qard al-hasan means beneficial loan or benevolent loan, gratuitous loan, interest free loan, beautiful loan, etc.