4 ms·

This is the truth we live in. And yes, he is known to forego reason in order to get votes. To clarify: Islamic perspective on interest rates is that it is sinf

This is the truth we live in. And yes, he is known to forego reason in order to get votes. To clarify: Islamic perspective on interest rates is that it is sinful (actually, giving credit is what is presented as sinful, but meanings are lost in translation) However, the Quran doesn't present a perspective on whether interest rates can be used as a leverage against high inflation rates. I guess they were too busy trying to calculate how many male witnesses are the equivalent of female witnesses.

adityapurwa 8y ago
Interest is sinful in all Abrahamaic religion. The Quran mentioned that lending money is social act and shall not be made a business. You can sell items by installment directly, but you must be the direct seller and the buyer actually pay to you, not to the bank who covers the buyer money and paid it to you. Theres a lot of verse in the Quran that explain about how to trade, loan, etc.
- diego_moita 8y ago
  > Interest is sinful in all Abrahamaic religion. It predates Abrahamic religions. Even Aristotle complained about lending and interests as being "unnatural".
  - seanmcdirmid 8y ago
    I don’t think Aristotle predate Abraham, who could have been mythical anyways (Aristotle was real of course). Abrahamic religion copied a lot from other religions/myths at the time (like the flood coming from the Epic of Gilgamesh), surely sentiment against usury could have been one of those. But then again, Jews became the bankers of Europe because Christians at the time were against it as well.
    - mschuster91 8y ago
      > But then again, Jews became the bankers of Europe because Christians at the time were against it as well. Jews actually had few other job options left to them. Antisemitism was really really widespread throughout entire Europe.
      - Fnoord 8y ago
        TIL for me. Do you have a source for that though?
  - pbhjpbhj 8y ago
    Aristotle is c.300 BC, Exodus includes statements against usury and dates from before 500 BC (that's pretty much the upper bound AFAICT).
  - davidf18 8y ago
    In the Jewish Torah Jews cannot charge one another interest but they may charge non-Jews. AFAIK Islam adopted the same interpretation, but perhaps it applies to everyone Islamic or not. As wealth increased over time and people wanted to borrow a lot of money to for example, build factories, the Rabbis had to make constructs that enabled lenders to charge "rent" on money -- "the heter iska"
1001101 8y ago
https://en.wikipedia.org/wiki/Islamic_banking_and_finance https://en.wikipedia.org/wiki/Islamic_banking_and_finance for a fascinating look.

adityapurwa 8y ago

Interest is sinful in all Abrahamaic religion. The Quran mentioned that lending money is social act and shall not be made a business. You can sell items by installment directly, but you must be the direct seller and the buyer actually pay to you, not to the bank who covers the buyer money and paid it to you. Theres a lot of verse in the Quran that explain about how to trade, loan, etc.

diego_moita 8y ago
> Interest is sinful in all Abrahamaic religion. It predates Abrahamic religions. Even Aristotle complained about lending and interests as being "unnatural".
- seanmcdirmid 8y ago
  I don’t think Aristotle predate Abraham, who could have been mythical anyways (Aristotle was real of course). Abrahamic religion copied a lot from other religions/myths at the time (like the flood coming from the Epic of Gilgamesh), surely sentiment against usury could have been one of those. But then again, Jews became the bankers of Europe because Christians at the time were against it as well.
  - mschuster91 8y ago
    > But then again, Jews became the bankers of Europe because Christians at the time were against it as well. Jews actually had few other job options left to them. Antisemitism was really really widespread throughout entire Europe.
    - Fnoord 8y ago
      TIL for me. Do you have a source for that though?
- pbhjpbhj 8y ago
  Aristotle is c.300 BC, Exodus includes statements against usury and dates from before 500 BC (that's pretty much the upper bound AFAICT).
- davidf18 8y ago
  In the Jewish Torah Jews cannot charge one another interest but they may charge non-Jews. AFAIK Islam adopted the same interpretation, but perhaps it applies to everyone Islamic or not. As wealth increased over time and people wanted to borrow a lot of money to for example, build factories, the Rabbis had to make constructs that enabled lenders to charge "rent" on money -- "the heter iska"

1001101 8y ago

https://en.wikipedia.org/wiki/Islamic_banking_and_finance https://en.wikipedia.org/wiki/Islamic_banking_and_finance for a fascinating look.