The treatment of usury in the holy scriptures

Abstract

Abstract Interest‐free banking has recently evoked interest in financial as well as economic development literature. While the main focus of the special issue of this review is in interest‐free banking, this concept is not new nor is it unique to Islam. This article notes how usury or interest on loans has been prohibited in Judaism and Christianity–the other monotheistic religions of the world. We offer a comparative and historical perspective of the treatment of usury or interest and aim to help readers (especially in the West) gain an understanding of this concept, a concept which seemingly has a growing role in the financial markets of the Islamic world. © 1999 John Wiley & Sons, Inc.