The subject of usury is one that comes to the fore in Judaism, Christianity, and now as I finally see, Islam. The Bible says, “If you lend money to any of My people who are poor among you, you shall not deal with them as a creditor; you shall not exact interest from them” (Exodus 22:25). It is this verse, in large part, which makes usury so repulsive to Christianity (well, not now but back in the day). Christians were forbidden to lend money at interest to one another. Jews were also forbidden, according to this verse, from lending money at interest to one another – but not to Christians. Why? Because the verse specifies “My people,” which for Jews means only other Jews. Thus, Jews can lend with interest to Christians.
Indeed, this is where the Christian stereotype of the greedy, money-grubbing Jew came from. There was a need in 10th century Christian society for money-lenders because Christians couldn’t do it themselves, and Jews were forbidden from doing pretty much everything else (couldn’t be part of guilds and do crafts, couldn’t own land and farm, etc. – hence, money-lending and middle-men traders). Thus, Jews became money-lenders in the Christian world. Today, neither Christians nor Jews seem to have such a problem with what we just call now, banking.
The questions that these verses bring up for me pertain to the nature of banking in modern-day Islam. With usury forbidden, how does banking work in theocratic Islamic countries, like say, Saudi Arabia. Is it forbidden? Is it considered a necessary evil? How do many modern Muslims in general reconcile this verse with what seems to have become the modern capitalist norm (not that all Muslims are modern capitalists but for those who subscribe)? I don’t expect anyone to be able to answer these questions for everyone else, but just generally to share how s/he deals with this. I find that Christians and Jews simply ignore it at this point.
I’d like to add a note by Asad about verse 281: that according to the uncontested evidence of Ibn’ Abbas this verse was the last revelation granted to the Prophet, who died shortly afterward.
Is there anything else you can tell us about these verses?
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The Cow 274-281
274. Those who spend their possessions [for the sake of God] by night and by day, secretly and openly, shall have their reward with their Sustainer; and no fear need they have, and neither shall they grieve. 275. THOSE who gorge themselves on usury behave but as he might behave whom Satan has confounded with his touch; for they say, “Buying and selling is but a kind of usury” – the while God has made buying and selling lawful and usury unlawful. Hence, whoever becomes aware of his Sustainer’s admonition, and thereupon desists [from usury], may keep his past gains, and it will be for God to judge him; but as for those who return to it -they are destined for the fire, therein to abide! 276. God deprives usurious gains of all blessing, whereas He blesses charitable deeds with manifold increase. And God does not love anyone who is stubbornly ingrate and persists in sinful ways. 277. Verily, those who have attained to faith and do good works, and are constant in prayer, and dispense charity – they shall have their reward with their Sustainer, and no fear need they have, and neither shall they grieve. 278. O yo who have attained to faith! Remain conscious of God and give up all outstanding gains from usury, if you are [truly] believers; 279. for if you do it not, then know that you are at war with God and His Apostle. But if you repent, then you shall be entitled to [the return of] your principal: you will do no wrong, and neither will you be wronged. 280. If, however, [the debtor] is in straitened circumstances, [grant him] a delay until a time of ease; and it would be for your own good – if you but knew it – to remit [the debt entirely] by way of charity. 281. And be conscious of the Day on which you shall be brought back unto God, whereupon every human being shall be repaid in full for what he has earned, and none shall be wronged.
Filed under: Islam, Quran | Tagged: Allah, Arabia, Asad, banking, Bible, Christianity, crafts, credit, Exodus, farm, God, guilds, interest, Islam, Judaism, lending, Mohammed, money-lender, Muslim, prophet, Quran, Revelation, theocracy, usury |