Why you should invest with Muslims
Wednesday July 8, 2009
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Rod Dreher is an editorial columnist for the Dallas Morning News, and author of "Crunchy Cons" (Crown Forum), a nonfiction book about conservatives, most of them religious, whose faith and political convictions sometimes put them at odds with mainstream conservatives. The views expressed in this blog are his own.
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There were long periods of history where the Catholic church banned usury. Now it's the Muslims. I saw a lot of advertisements for Islam-approved banks when I was walking around a mall in Dhoha, Qatar.
The Church prohibition against usury is against high interest rates - the Church allows for interest rates which cover the costs of the lender. The prohibition still stands BTW.
There was a time that any interest on a loan was considered sinful, but as business transactions and business law got more mature, the Church recognized that investment for interest was a legitimate business in itself.
Today, the RCC still condemns usury. Charging overly high interest rates, or changing rates to something impossible to meet, is sinful, as well as any interest or even collateral on a loan to a poor person or poor community "don't take the borrower's coat" I believe Scripture says).
I'm not an expert on this issue but my understanding is that Islam always forbade "riba", which translates as usury.
I agree with Threse Z's last sentence. My personal interpretation is that not all interest is usury; thus why I have no problem Islamically with investing in stocks or taking a mortgage or dealing with the business of interest.
Just as an addendum, I may or may not be right that Islam only forbids usury but I'll stick by my assertion that not all interest is usury, thus why I'm ok with dealing with interest.
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