Usury and Interest: A Comparative Economic Study (book): Difference between revisions
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===From usury in consumer and production loans to the deceptions associated with usury=== | ===From usury in consumer and production loans to the deceptions associated with usury=== | ||
Following the discussions on usury in Islam and the significance of time and duration in Islamic law, the author, briefly examines eighteen topics in the chapter on interest on loans (Fā'idat al-Qarḍ). The initial two subjects address the social and economic benefits and drawbacks of loan interest (p. 34) and the rationale behind the prohibition of excess in lending (p. 37). Key discussions in this chapter include usury in consumer and production loans (p. 41), the exemption of orphans from the prohibition of usury (p. 54), usury loopholes (p. 56), profit guarantees in partnership contracts (p. 60), and loan service fees (p. 62). The author characterizes consumer loan interest as the most reprehensible form of usury (p. 41), while production loan interest is deemed unjust to either the borrower or the lender, depending on the potential profit and the related variability. | Following the discussions on usury in Islam and the significance of time and duration in Islamic law, the author, briefly examines eighteen topics in the chapter on interest on loans (Fā'idat al-Qarḍ). The initial two subjects address the social and economic benefits and drawbacks of loan interest (p. 34) and the rationale behind the prohibition of excess in lending (p. 37). Key discussions in this chapter include usury in consumer and production loans (p. 41), the exemption of orphans from the prohibition of usury (p. 54), usury loopholes (p. 56), profit guarantees in partnership contracts (p. 60), and loan service fees (p. 62). The author characterizes consumer loan interest as the most reprehensible form of usury (p. 41), while production loan interest is deemed unjust to either the borrower or the lender, depending on the potential profit and the related variability. | ||
In discussing usury tactics, the author notes that like legal tactics, there are many Sharia legal maneuvers, some of which are longstanding while others are more recent (p. 56). The prohibition of usury has been discussed for a long time, serving as a significant divine test, even in scholarly and jurisprudential circles to refrain from innovations in usury driven by diverse interests (p. 59). | In discussing usury tactics, the author notes that like legal tactics, there are many Sharia legal maneuvers, some of which are longstanding while others are more recent (p. 56). The prohibition of usury has been discussed for a long time, serving as a significant divine test, even in scholarly and jurisprudential circles to refrain from innovations in usury driven by diverse interests (p. 59). | ||
=== A review and analysis of recent attitudes on the justification of usury=== | === A review and analysis of recent attitudes on the justification of usury=== | ||
In the chapter discussing views on usury, Yuns elaborates on and critiques eleven theories that address the justification and legitimacy of usury (the justificatory theories concerning the legitimacy of interest) (pp. 64-74). The eleven theories that the author considers invalid are listed below: | In the chapter discussing views on usury, Yuns elaborates on and critiques eleven theories that address the justification and legitimacy of usury (the justificatory theories concerning the legitimacy of interest) (pp. 64-74). The eleven theories that the author considers invalid are listed below: | ||