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ISLAMIC CONTRACT OF QARD AL-HASAN AND CLASSICAL LOAN AND CREDIT AGREEMENTS IN THE CONTEXT OF CONSUMER LENDING: A COMPARATIVE LEGAL ANALYSIS USING THE EXAMPLE OF TAJIKISTAN

Author (s)

Pukhart A.A., Shukhratpur M.

Abstract

Growing interest in ethical and alternative financial models in the global economy, as well as in the development of the banking system in Tajikistan, where Islamic credit institutions exist alongside traditional ones, stimulates the study of this topic.The study revealed fundamental doctrinal differences between the qard al-hasan contract, based on the Islamic principles of interest-free and social solidarity, and classical contracts, where compensation (interest) is a system-forming element.The key legal and practical challenges of implementing the Qard al-Hasan agreement in Tajikistan are identified. The importance of Qard al-Hasan for addressing social issues (financial inclusion, support for the poor) is noted.In essence, the work is the first comprehensive comparative legal study of the applicability of the Islamic contract of qard al-hasan in the Tajik jurisdiction, taking into account its national legislation and socio-economic context.The results can be used by legislators in developing regulations in the field of alternative finance, as well as by financial organizations considering the possibility of introducing Islamic financial products.

Keywords

the banking system in Tajikistan, Islamic credit institutions, qard al-hasan agreement, Tajik jurisdiction, alternative financing, classical agreements

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