3 ms·

Interesting! Got any reading material on this? Thanks

• apta 7y ago
  Usury/interest are banned according to Islamic Law. This means that until very recently when Western banks were forced into the Middle East, all the nations there were operating interest-free. This includes the Ummayad, Abbassid, and Ottoman empires. The well-known and prosperous Islamic Golden Age[1] took place during those eras as well. [1] https://en.wikipedia.org/wiki/Islamic_Golden_Age https://en.wikipedia.org/wiki/Islamic_Golden_Age
  • lonelappde 7y ago
    Eh, not really. Interest was handled by oursourcing (to Jews) or black/grey market. https://en.m.wikipedia.org/wiki/Riba https://en.m.wikipedia.org/wiki/Riba
    • apta 7y ago
      Muslims are prohibited to deal with interest with anyone, Jews or anyone else. So no, it was not outsourced to them. If Jews were allowed to lend money with interest to non-Muslims, that's a separate topic altogether. Muslims still had to work in the economy and run businesses, and it was a Muslims majority land, so a few Jews lending money with interest is not going to affect the overall economy which is not based on interest.
• Hoenoe 7y ago
  Just look at the Scandinavian countries