An Interesting Fact I found

As all of you readers to my blog know and know only too well, I am currently in the midst of preparing my dissertation.  I have finally received the approval for the topic last week. Anyway, I am not going to elaborate on the topic. While going through articles related to my topic, I came across an interesting fact in the Washington Blog (http://georgewashington2.blogspot.com). The writing was entitled "Islamic Banks Are Surviving the Financial Crisis Better Than Western Banks". If I may quote, the writer was saying, "As I have previously written, the Islamic banking system may survive the financial crisis better than the Western system because it forbids usury and the buying and selling of debt." Unquote.

It made reference to the Associated Press (AP) story in which it was stated :

Quote : "Interest payments, short selling and contracts considered excessively risky are also prohibited. That rules out some of the products that got Western finance into so much trouble such as subprime mortgages, collateralized debt obligations or credit default swaps."Unquote.

But the most that I found interesting is the following which reference was made to Michael Rivero's comment to the AP story. (Michael Rivero of WhatReallyHappened (http://whatreallyhappened.com). Rivero's comment was the Bible also prohibits usury :

Quote : "And, contrary to the popular myth promulgated by the "Clash of Civilization" afficiniados, the prohibition against usury (compound interest) is not confined to the Quran, but is found in the Bible itself.  The following are taken from the King James version of the Bible ;

25 "If you lend money to any of My people who are poor among you, you shall not be like a moneylender to him; you shall not charge him with interest.

26 "If you ever take your neighbour's garment as a pledge, you shall return it to him before the sun goes down

27 "For that is his only covering, it is his garment for his skin.  what will he sleep in? And it will be that when he cries to Me, I will hear, for I am gracious (Exodus 22: 25 - 27)

36 "Take no usury or interest from him; but fear your God, that your brother may live with you.

37 "You shall not lend him your money for usury, nor lend him your food at a profit. (Leviticus 25 : 36 - 37)

19 "You shall not charge interest to your brother - interest on money or food or anything that is lent out at interest. (Deuteronomy 23 : 20)

7 If he has not oppressed anyone, But has restored to the debtor his pledge; Has robbed no one by violence, But has given his bread to the hungry And covered the naked with clothing;

8 If he has not exacted usury Nor taken any increase, But has withdrawn his hand from iniquity And executed true judgment between man and man;

9 If he has walked in My statutes And kept My judgments faithfully - He is just; He shall surely live!" Says the Lord GOD. (Ezekiel 18 : 7 -9) Unquote.

Now, this is something that I have to include in my dissertation! Though some adjustments have to be made.

(Source of Image : http//:ux.brookdalecc.edu)