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On charging of Interest Quoran/Sharia is indeed wrong

Reader comment on item: Islamic Economics: What Does It Mean?
in response to reader comment: Can the Humanity live with No Interest & Low Interest Banking in the World?

Submitted by Rajeev (United States), Aug 25, 2010 at 00:11

Dear Dr Pipes:

Your reader (Muhammad CPA) probably implies that charging interest on money is not a bad thing. He is probably right. If quoran declares practice of collecting interest as haram, then quoran is probably wrong. Quoran does not tell businessmen to charge fair prices for products. What quoran fails to realize is that money is a product in itself and interest is the price of that money. This simple and honest statement can be read in any preliminary economics book. So charging interest is as honest an act as selling meat or bread. What is wrong is charging excessive interest from a person who cannot afford it but then the same holds for selling meat or bread to a very poor person at a very high price.

Bottom line once again is that taking quoran or sharia literally is what is haram. Treating these and other books of religions in good spirit is what is halal.


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