Conclusion

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Chapter 10 in Religion and Finance, 2019, pp 216-217 from Edward Elgar Publishing

Abstract: In this short summing up, all three Holy religions receive a ‘fail’ mark in one of their core aspects of religion and finance: the prohibition of usury and the promotion of interest-free lending. Judaism lends at interest to Gentiles and has adapted hetter iska to convert a borrower–lender relationship into what is seen as a partnership. Christianity deserves ‘Brownie points’ for eventually, after much soul-searching, owning up to and abandoning the prohibition on interest, but has not rid the financial system of usurious practices and excessive interest and charges. Islam has maintained the prohibition in name, but an examination of actual practices suggests that the position is largely one of form over substance. Yet, is it true that all three religions stand for much more than the usury ban, and have laid out clear injunctions regarding appropriate social and economic behaviour, and about charity and benevolence, which deserve to be recognized and followed.

Keywords: Asian Studies; Economics and Finance; Law - Academic (search for similar items in EconPapers)
Date: 2019
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