Then, the author continues:
“Today, there is no
compulsion, but rather competition between lenders to offer attractive rates.”
Author writes that, as if Islamic
tax regimes may negatively effect resource allocation, productivity and
innovation.
Author writes as if:
“Conflict between secular
and sharia law may contribute to an ineffective rule of law, a lack of trust in
judicial institutions, moral hazard in judiciary, limitation on property rights
and contract law, all of which have negative economic consequences.
Religious constraints on the freedom of speech and on the
power of the legislature, may impinge on democratic rights, institutions,
political freedom and the ability to expose and eradicate corruption, again
with negative economic impacts.
These can generally be described as factors leading to a
lack of motivation.”
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