Riba, Usury, and the Evolution of Moral Finance: A Comparison of Two Arguments
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Authors
McRorie, Christina G.
Issue Date
2018
Volume
16
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Type
Journal Article
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Abstract
This article compares the historical transformation of the prohibition of usury in Christianity and the current disagreement in Islam over what forms of finance are forbidden by the prohibition of riba, now often interpreted to mean interest. It first sketches the controversy over riba in Islamic banking and economics. It then describes how the Christian understanding of usury evolved from any profit returned on a loan to merely exploitative lending. This article then identifies and considers divergences and correspondences between the substance, prompting causes, tenor, and method of development of these two debates. It concludes by suggesting some reasons scholars of religion and religious ethics may find this comparison useful, both when studying these specific traditions, and when reflecting on moral issues arising in modern finance. |Keywords: usury, Islamic banking, Islamic ethics, Christian ethics, comparative religious ethics, Thomas Aquinas, economic ethics, finance, interest
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Citation
McRorie, C. G. (2018). Riba, Usury, and the Evolution of Moral Finance: A Comparison of Two Arguments. Supplement Series for the Journal of Religion & Society Supplement Series, 16, 109-124.
Publisher
Rabbi Myer and Dorothy Kripke Center, Creighton University
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ISSN
1941-8450