Reformist Muslim

Exploring possibilities for the future of Islam and other thoughts

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Location: London, United Kingdom

Thursday, June 30, 2005

'Islamic' Banking

Old but still pertinent essay by Zeeshan Hasan demonstrating that so called 'Islamic' banking is no different from 'Western' banking and the difference between usury as discussed in the Quran and 'interest' in its form today.

Money Quote
"So the real issue when speaking of scriptural opposition to interest is the myopia of Qur'anic interpreters. Rather than pretending to eliminate interest through "profit sharing", Muslims should investigate the possibility that the simplistic no-interest-allowed interpretation of the Qur'an is incorrect. In fact, a detailed consideration of the relevant Qur'anic verses and their economic significance does allow for a new Muslim view of interest. If we begin with the following verse: ... click here for more

2 Comments:

Anonymous Anonymous said...

Glad to see that old article is still coming to some use.

=)
Zeeshan

4:23 pm, March 30, 2006  
Blogger reformist_muslim said...

yup - also I'm glad to see that I'm still getting some readers despite not being as regular :)

11:18 pm, March 30, 2006  

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