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The future of interest-free financing

In: Religion and Finance

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Abstract

In terms of interest-free financing, Islam is the ‘last man standing’. Judaism continues to engage in interest loans, employing the ‘Deuteronomic double standard’ for lending to Gentiles, and pseudo-interest arrangements for fellow Jews. Christianity has redefined usury as excessive interest, but in line with Benthamite principles does not enforce controls over even excessive interest or usurious practices. Islam is accordingly the focus of this chapter, which revolves around three questions: 1.Why have interest-based financial transactions, such as those in evidence today in conventional finance, proven so seductive and difficult to resist, and how does Islam think the temptations to undertake interest finance can be overcome? 2. What problems have emerged in the application of Islamic financing principles, and what decisions have been taken to resolve these matters, especially in relation to Islamic investment funds, sales-based financing and sukuk? 3. Where is Islamic banking heading; in particular is it moving away from or toward an emphasis on interest?

Suggested Citation

  • ., 2019. "The future of interest-free financing," Chapters, in: Religion and Finance, chapter 9, pages 193-215, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:14654_9
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    Cited by:

    1. Gemmell, Norman, 2020. "New Zealand's Tax Reforms and 'Tax Sheltering' Behaviour," Working Paper Series 9367, Victoria University of Wellington, Chair in Public Finance.
    2. Ostermeier, Manuel & Heimfarth, Andreas & Hübner, Alexander, 2023. "The multi-vehicle truck-and-robot routing problem for last-mile delivery," European Journal of Operational Research, Elsevier, vol. 310(2), pages 680-697.
    3. Taab Ahmad Samad & Rohit Sharma & Kunal K Ganguly & Samuel Fosso Wamba & Geetika Jain, 2023. "Enablers to the adoption of blockchain technology in logistics supply chains: evidence from an emerging economy," Annals of Operations Research, Springer, vol. 327(1), pages 251-291, August.
    4. Ozili, Peterson K, 2021. "Measuring financial inclusion and financial exclusion," MPRA Paper 107866, University Library of Munich, Germany.
    5. Lozano-Medina, Alexis & Manzano, Luis & Marcos, José D. & Blanco-Marigorta, Ana M., 2019. "Design of a concentrating solar thermal collector installation for a hotel complex in Gran Canaria," Energy, Elsevier, vol. 183(C), pages 803-811.
    6. Heimfarth, Andreas & Ostermeier, Manuel & Hübner, Alexander, 2022. "A mixed truck and robot delivery approach for the daily supply of customers," European Journal of Operational Research, Elsevier, vol. 303(1), pages 401-421.
    7. Canhoto, Ana Isabel, 2021. "Leveraging machine learning in the global fight against money laundering and terrorism financing: An affordances perspective," Journal of Business Research, Elsevier, vol. 131(C), pages 441-452.
    8. Peterson K. Ozili, 2023. "Determinants of FinTech and BigTech lending: the role of financial inclusion and financial development," Journal of Economic Analysis, Anser Press, vol. 2(3), pages 66-79, May.
    9. Amina Rizwan & Faisal Mustafa, 2022. "Fintech Attaining Sustainable Development: An Investor Perspective of Crowdfunding Platforms in a Developing Country," Sustainability, MDPI, vol. 14(12), pages 1-17, June.
    10. Lyons, Glenn, 2020. "Walking as a service – Does it have legs?," Transportation Research Part A: Policy and Practice, Elsevier, vol. 137(C), pages 271-284.

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