Comparative Financial Systems in Judaism, Christianity and Islam: The Case of Interest
In today’s discussions the prohibition of interest, based in Shari’a law, is seen as solely an Islamic finance phenomenon and often advocated as a new way of providing financial services. It is important to recognise that the principles underpinning Shari’a are largely similar to those preached and practised by Judaism and Christianity as well as other religions. Both Judaism and Christianity have, for example, banned the receipt and payment of interest for a significant period of time, albeit that each had a slightly different interpretation on the permissibility of lending at interest. Although there is evidence about the existence of prohibitions on interest in other religions such as, for example, Buddhism, the focus of this paper is on the prohibition of interest in the three religions that are generally referred to as the Abrahamic or monotheistic faiths; Judaism, Christianity and Islam, the way in which the prohibitions entered into law and the impact on the availability of financial transactions that were executed despite the restrictions. The paper provides an insight into the way in which opinions regarding the permissibility of interest has changed over time.
Religiosity and Financial Decisions of Young Adult Nigerians: Is the Financial Advice of religious leaders Sacrosanct?
This paper explores the roles of religious leaders in financial decision making of young adults, and the extent to which adherents comply with money advice of their religious leaders. The study is relevant because it will contribute to what, how and who shapes financial decision of young adults as well as the roles of religious leaders in diffusion of financial innovations. The area of study was Nigeria and 15 congregations were randomly selected. Findings revealed that religious leaders play significant financial roles, their money advice were sacrosanct and strong relationship exist between their financial habits and that of their adherents. Keywords: Financial Decisions, Young adults, Religiosity, Religious leaders, Financial advice .
An Essay on the Nature and Significance of the Normative Nature of Economics
It is conventional in economics to distinguish between the normative and the positive. The normative has to do with goodness and badness, and with what ought and ought not to be done;1 and the positive has to do with objective description and/or explanation, with what is and with what is necessary given some normative end. The normative has to do with desirability; the positive has to do with truth (in the sense of either descriptive accuracy or serviceability of a means to a given end).2