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Islam has the most fair rules against Interest. The Quran says: Chapter 2 - Baqarah - Verse 275: http://www.usc.edu/org/cmje/religious-texts/quran/verses/002-qm

Islam has the most fair rules against Interest. The Quran says: Chapter 2 - Baqarah - Verse 275: http://www.usc.edu/org/cmje/religious-texts/quran/verses/002-qmt.php#002.275 http://www.usc.edu/org/cmje/religious-texts/quran/verses/002... (Read the next 10 or so verses) and Chapter 3 - Verse 130: http://www.usc.edu/org/cmje/religious-texts/quran/verses/003-qmt.php#003.130 http://www.usc.edu/org/cmje/religious-texts/quran/verses/003... "O you who believe! Devour not usury (interest), doubled and multiplied; but fear Allah (God); that you may (really) prosper." Some more quotes: http://www.answering-christianity.com/yahya_ahmed/riba.htm http://www.answering-christianity.com/yahya_ahmed/riba.htm Allah (God) has declared war on those who take interest: http://www.hilalplaza.com/islam/Interest.html http://www.hilalplaza.com/islam/Interest.html

Houshalter 13y ago
This has nothing to do with anything in the article. Besides what you are saying is ridiculous anyways. A society where people are forbidden from getting loans or investing? You can't even charge interest on risk?
harrytuttle 13y ago
As an English atheist, possibly surprisingly, I think Islam is right regarding interest. Unfortunately wrapping it up in mumbo jumbo doesn't give it any credibility. Also it isn't really related to the article.
- bsullivan01 13y ago
  At least inflation has to be added, and that's without calculating any risk. Otherwise I'll borrow from you $100K and return it 30 years later
  - harrytuttle 13y ago
    Not really. a) growth isn't required in all economic models so inflation isn't necessarily valid. b) goods and services are perfectly good interest. Not that you'd have to borrow it if interest wasn't profitable (it would drive asset value down). c) risk is irrelevant if lending isn't required. you're too in the bank and growth model mindset. It doesn't work like that everywhere.
  - venomsnake 13y ago
    Depends. The money in the current system is created with debt. If you remove it than it may lead to some interesting stuff.
  - hansjorg 13y ago
    I think usury refers to 'excessive and immoral' rates in this context.
- easyfrag 13y ago
  And banks will charge "fees" in lieu of interest to their Islamic customers for products like mortgages
- yannis 13y ago
  If you want to borrow money to buy a car for example from an Islamic Bank they 'buy' the car and the sell it to you in so many installments at a profit. Same as charging interest by wrapped in 'profit' which is allowed in the Koran. Pathetic and hypocritical and the first to lock you in if you can't pay.
  - harrytuttle 13y ago
    I said I agree with the idea, not necessarily the implementation of it!
    - yannis 13y ago
      Sure, I thought as much. I also agree with the ideal!
gergles 13y ago
Islam doesn't have interest in the sense of an American-style simple interest loan, but it certainly does have charges for borrowing. There's no real meaningful difference other than when the interest is charged; in a lump sum at the beginning for Islamic banking, or spread out throughout the loan for American banking. e.g.: http://en.wikipedia.org/wiki/Murabahah http://en.wikipedia.org/wiki/Murabahah

Houshalter 13y ago

This has nothing to do with anything in the article. Besides what you are saying is ridiculous anyways. A society where people are forbidden from getting loans or investing? You can't even charge interest on risk?

harrytuttle 13y ago

As an English atheist, possibly surprisingly, I think Islam is right regarding interest. Unfortunately wrapping it up in mumbo jumbo doesn't give it any credibility. Also it isn't really related to the article.

bsullivan01 13y ago
At least inflation has to be added, and that's without calculating any risk. Otherwise I'll borrow from you $100K and return it 30 years later
- harrytuttle 13y ago
  Not really. a) growth isn't required in all economic models so inflation isn't necessarily valid. b) goods and services are perfectly good interest. Not that you'd have to borrow it if interest wasn't profitable (it would drive asset value down). c) risk is irrelevant if lending isn't required. you're too in the bank and growth model mindset. It doesn't work like that everywhere.
- venomsnake 13y ago
  Depends. The money in the current system is created with debt. If you remove it than it may lead to some interesting stuff.
- hansjorg 13y ago
  I think usury refers to 'excessive and immoral' rates in this context.
easyfrag 13y ago
And banks will charge "fees" in lieu of interest to their Islamic customers for products like mortgages
yannis 13y ago
If you want to borrow money to buy a car for example from an Islamic Bank they 'buy' the car and the sell it to you in so many installments at a profit. Same as charging interest by wrapped in 'profit' which is allowed in the Koran. Pathetic and hypocritical and the first to lock you in if you can't pay.
- harrytuttle 13y ago
  I said I agree with the idea, not necessarily the implementation of it!
  - yannis 13y ago
    Sure, I thought as much. I also agree with the ideal!

gergles 13y ago

Islam doesn't have interest in the sense of an American-style simple interest loan, but it certainly does have charges for borrowing. There's no real meaningful difference other than when the interest is charged; in a lump sum at the beginning for Islamic banking, or spread out throughout the loan for American banking. e.g.: http://en.wikipedia.org/wiki/Murabahah http://en.wikipedia.org/wiki/Murabahah