The study of economic and social advantages and effects of Qardhulhasanah securities (interest-free bond)

The Islam economic thought bans usury and it is considered Qardhulhasanah as the best alternative for usury. Due to the fact that Qardhulhasanah securities are only based on Qardhulhasanah contract, so all of the factors that they are be discussed as social and economical advantages and effects of Qardhulhasanah are discussable for Qardhulhasanah securities. The results of the study indicated that Qardhulhasanah securities Includes advantages such as: transparency and harmony with the Qardhulhasanah quiddity, avoid usury, poverty eradication, financing of major and public projects, flexibility, liquidity, use as collateral, risk management, Qardhulhasanah international aspect. In the following we studied the Qardhulhasanah securities effects on economic variables such as: consumption, saving, income distribution, monetary sector, employment, human capital and costs of production. Thus, due to the discussed advantages and social and economic effects, if Qardhulhasanah securities used correctly, they will play a significant role to solve social and economic problems of society