The Universal Nature of the Condemnation of Interest and Monetary Metaphysics

Ezzedine Ghlamallah () and Ahmed Danyal Arif
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Ezzedine Ghlamallah: CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon

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Abstract: This article explores the universal condemnation of interest and delves into the metaphysical aspects of monetary systems. It critically examines the historical and philosophical viewpoints against interest from various cultures and religions, including ancient Greek and Roman societies, Judaism, Christianity, and Islam. The paper highlights the ethical, economic, and metaphysical reasons behind the condemnation of interest, associating it with injustices like exploitation and social inequality. Additionally, it discusses the concept of free money advocated by Silvio Gesell and its similarities to the Islamic practice of zakāt, emphasizing the negative economic impacts of hoarding wealth and advocating for a monetary system that discourages such practices. The metaphysical analysis draws on Aristotelian principles, suggesting that just like physical entities, monetary systems should adhere to natural laws of entropy and equilibrium, thus challenging the current financial practices that encourage perpetual growth and destabilize economic systems. The paper concludes by proposing a redefinition of money that aligns with these metaphysical principles, advocating for the abolition of interest to achieve a more equitable and stable economic system.

Keywords: Islamic economics; monetary metaphysics; debt; currency; ribā; zakāt (search for similar items in EconPapers)
Date: 2024-06
Note: View the original document on HAL open archive server: https://hal.science/hal-05160176v1
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Published in Les Cahiers de Recherche de Financia Business School, 2024, 6, pp.99-117

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