The Approach and Treatment of Interest-Bearing Loans (Interest/Usury) in Various Doctrines and Religions

Ali Zaimi

Abstract

The discussions on Interest-Bearing Loans (interest/usury) are as old as the history of mankind. Considering this, I think it is important to shed light on the origination, development, and evolution of this issue over different eras, in order to present a broader panorama about the approach that different philosophies, cultures, ideologies, doctrines, and religious beliefs have had on the loan of interest and usury. Since the issue of loans is closely related to the economic development of society, it has always been a dynamic issue and as a result, over the centuries, it has evolved and taken on different dimensions according to time periods. But its legitimacy has always been controversial and never has it reached a unifying and widely accepted opinion. As a result, each era is characterised by different approaches and treatments. While some see the issue of interest-bearing loans and interest as a taboo that should be avoided at all costs, others see it as a simple economic transaction and argue that it does not differ from the rent.


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