Religious Obligations On Lenders And Borrowers: An Analysis Of Jewish, Christian And Muslim Revealed Sources.

In present scenario, the banking system of non-Muslim countries is based on interest and this practice is also common in Muslim countries. The prime objective of loan is to do welfare of poor, but interest on debt is creating economic downturn of poor and needy. The prevailing unjust system is making humans slaves in modern times. On the other hand, people who lend money are negligent in returning it to owners in time. This study will explore the teachings of Judaism, Christianity and Islam about the religious obligations on lenders and borrowers. This is qualitative research and data is gathered from books, articles and online sources. The study shows that interest is Haram (Prohibited) in Abrahamic faiths. Moreover, there is great reward for the one who provides loan to needy. The lender should be lenient in demanding money and should give time extension to borrower. Furthermore, if the lender forgives his debt to poor, he will get great reward from Allah. On the other hand, the borrower should not get loan on interest as well as unnecessary loan. The borrower should return the loan as early as possible if he can. Interest based banking has no link with the teachings of Judaism, Christianity and Islam. [ABSTRACT FROM AUTHOR]