Comparing Usury Between Islamic and Christian Cultures
Various aspects of the economy are represented in religious studies. Traditionally, both Christianity and Islam had strong regulations regarding aspects of interest, discrimination against women, mass education and other economic aspects. As such, the religions could be said to be suppressing economic development. Islamic had a more lenient stand on usury compared to Christianity. Over the years, the impacts of religious entrenchment into national cultures have been felt through changes in social as well as economic systems. T
he Islamic teachings against usury have become more severe while those of Christians are becoming more relapsed. The cultures are characterized by difference in economic incentives. These differences could also be linked to the changes in considerations regarding usury. The beliefs about usury in the church began to relapse during the 14th century when there were fears of an impending doom if the commercial system continued to grow.
From the banning of low risk collateral credit in the 12th century, the church later imposed regulations to ban usury in general in the 10th through to the 14th century. The ban of usury amidst changing commercial systems led to the distinction of various loan structures. By then, the loans taken were meant for consumption, a fact which continued to change.
On the other hand, the Islamic faith has always had a ban in interest. In fact, the Ottoman Empire developed a system of lending through which interest was put to be more deserving. Only low interest rates were acceptable and charging high rates was considered a criminal activity. In conclusion, the religious aspects connected to interest can only be studied effectively through use of a framework such as that proposed by Rubin (10-25) which reveal that through the anti usury laws, religions portray the legitimization of roles.
Rubin, Jared. “Institutions, the Rise of Commerce and the Persistence of Laws: Interest Restrictions in Islam and Christianity.” The Economic Journal, 121 (2011, December): 1310-1339. Print.
The article above is a nursing research proposal on Comparing usury between Islamic and Christian Cultures. It’s an example of the different papers we write and you can find many more on this blog. Feel free to reach out to us with your request. We have qualified writers available and ready to assist you.