Customer’s Awareness and Attitude Towards Interest Under Islamic Law and Shari’ah-Case of People’s of Zanzibar
Journal Title: Saudi Journal of Business and Management Studies - Year 2017, Vol 2, Issue 4
Abstract
Abstract: The main aim of this study was to determine the influence of consumers’ awareness and attitude toward interest under Islamic law and Shari’ah. The study used a target population of peoples of Zanzibar which was a majority Muslim by 99 percent. A descriptive design was adopted in this study for data collection. The descriptive design allows thedescription of the state of affairs as it exists and draws respondents’ opinions and views on the influence of the consumer awareness toward prohibited of interest in Islam. The study found out that 68.9 percent of the respondents were aware the interest is one of the dangerous weapons to exploit and extort the poor and needy. We recommended that in order achieve certain economic and social goals, central banks have intervened in the determination of the rate of interest and establish of an interest free banking system because the most important portion of the wealth of a country is captured by a few rich peoples through interest. Keywords: Islamic banking, Islamic financial Institutions, Interest rate, Customer awareness, Conventional banking, and Microfinacial Institutions
Authors and Affiliations
Ali Othman Abbas, Hamad Shuweikha Hassan
Keywords
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