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Infation and It's Cost

Reader comment on item: The Religious Roots of Turkey's Currency Crisis
in response to reader comment: Interest is the cost of money.

Submitted by Robert (United States), Dec 31, 2021 at 09:16

Dear Prashant,

You made a good point about Cost. But I think it needs elaboration, since Cost was understood by Mohammad since he was a Merchant. Just as there was no knowledge of the Steam Engine, Steel, or Electricity at the time of Mohammad, there was no knowledge of Inflation.

At the time of the Holy Jewish Temple, we may assume Interest was prohibited among the Jewish Inhabitants according to the Torah. However, when the Romans destroyed the last Soverign State of Judah within the Roman Empire and the Jews were scattered, the Unemployed Priesthood was subsequently replaced by the Rabbinate, and so the Rabbis ruled in the Talmud that Interest could be charged a Non-Jews when a Jew loaned Money to a Non-Jew, and so Jews turned to Money-Changing, Finance, and Banking. The Talmudic Reasoning was probably that only Jews were Bound by the Torah which obligated them to return loaned money.

So Interest within Islam can be defended as Insurance against Inflation - which Turkey's Erdogan obviously does not appreciate. He is known to have said (effectively) that there is no Islam but Islam (meaning Orthodox, Conservative, or Liberal, as Jews and Christians distinguish.

Finally, if Muslims are prohibited from charging Interest, let them take Loans from Christians and Jews, especially, Israelis, haha.

Submitting....

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