INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
Global economic crises have exposed the weaknesses of financial systems established by the advocates of capitalism. Unchecked speculative activities and corruptive practices of market players have damaging effects on the functioning of the economy. There is lack of coordination between suppliers and users of capital creating a conflict of interest. Those in need of funds are put in disadvantageous positions and are likely to face exploitation. Economic thinkers and policy makers are revisiting the proponents of conventional financial system so that inequalities of system can be dealt with. Profit and loss sharing models of finance are being proposed as more egalitarian models. The distinguishing feature of an alternate system is the prohibition of interest and other usurious transactions, the ill-effects of which are not hidden from economic thinkers. This paper presents principles on which such a system rests and its relevance in recent times. However, several challenges are involved in the transition from a conventional system to another order.
Keywords:
Alternate system, interest, relevance, challenges
Cite Article:
"An Alternate Financial System- Relevance and Challenges", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 7, page no.a531-a537, July-2023, Available :http://www.ijnrd.org/papers/IJNRD2307067.pdf
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ISSN:
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
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