Source & Credit: Al Islam eGazette | March, 2009
By Ataul Wahid LaHaye
THE HISTORY OF USURY
In Jewish scriptures, charging interest was forbidden between "brothers" but was allowed in dealings with "foreigners." (See, for example, Deuteronomy 23:19, "You must not make your brother pay interest," and 23:20, "You may make a foreigner pay interest, but your brother you must not make pay interest.")
The practice of usury – lending money and accumulating interest on the loan – can be traced back 4,000 years. But it has always been condemned, despised or banned outright.
During the life time of the Holy Prophet Muhammad, forbiddance of usury became established. This stance was reinforced by the teachings of the Holy Qur'an, in the 7th century.
“O ye who believe! devour not interest involving diverse additions; and fear Allah that you may prosper.” (Al Quran 3:131)The prohibition of usury was adopted by the earliest Christian Church, following on from Jesus' expulsion of the money-lenders from the temple.
The Roman Catholic Church of the 4th century AD banned the clergy from charging interest, a rule that was later extended in the 5th century to the laity.
It was also a crime under Old English law until the sixteenth century, when Martin Luther redefined the offense of "usury" to mean the taking of "excess" interest.
The present debt…interest based economy began with the inception of the Bank of England in 1694.
Read here: Compound Interest: Financial Weapon of Mass Destruction
Ataul Wahid LaHaye: "The prohibition of usury was adopted by the earliest Christian Church, following on from Jesus' expulsion of the money-lenders from the temple.
ReplyDeleteJct: Both Jesus and Mohammed said: "If you have money, do not lend it out at interest."
"until the sixteenth century, when Martin Luther redefined the offense of "usury" to mean the taking of "excess" interest.
Jct: I don't think it was Luther who loosed the little bit of mort in the mort-gage death-gamble on the world, I think it was Calvin who said a little bit of death from the death-gamble was okay.