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.
‘In a perfect world it would be great if they didn't exist’: How Australians experience payday loans
In the last few decades, payday lending has mushroomed in many developed countries. The arguments for and against an industry which provides small, short-term loans at very high interest rates have also blossomed. This article presents findings from an Australian study to contribute to the international policy and practice debate about a sector which orients to those on a low income. At the heart of this debate lies a conundrum: Borrowing from payday lenders exacerbates poverty, yet many low-income households rely on these loans. We argue that the key problem is the restricted framework within which the debate currently oscillates.
Le crédit et Les Juifs dans la France du XIIIe siècle
La condition économique des Juifs dans la France médiévale est mal connue. Les études la concernant remontent généralement à la fin du XIXe siècle, période marquée par l'antisémitisme, de Drumont à l'Affaire Dreyfus; elles se ressentent du souci de mettre en valeur la participation des Juifs à l'artisanat ou au commerce, voire à l'agriculture, et de minimiser leur rôle dans le credit. Récemment, l'américain Richard W. Emery, étudiant des registres notariaux de Perpignan au XIIIe siècle, fut frappé par le rôle majeur du crédit dans les occupations professionnelles des Juifs.