TRADITIONAL AND ISLAMIC FINANCE: ASPECTS IN ENSURING SUSTAINABLE ECONOMIC GROWTH IN THE REGIONS
Keywords:
Islamic finance, traditional finance, sustainable development, economic growth, financial inclusionAbstract
This article examines the role of traditional and Islamic finance in
promoting sustainable economic growth in different regions. A literature review and
comparative analysis is conducted to assess the key aspects of these financial
systems that contribute to economic stability and long-term prosperity. The results
show that the risk-sharing partnership model, prohibition on speculation, and
emphasis on tangible assets in Islamic finance, along with the community-based
lending and local investment focus of many traditional financial institutions, help
foster entrepreneurship, protect against economic shocks, and encourage productive
investment in regional economies.
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