A History of Interest and Debt: Ancient Civilizations (Islamic Business and Finance) (Paperback)

A History of Interest and Debt: Ancient Civilizations (Islamic Business and Finance) Cover Image
By Murat Ustaoğlu (Editor), Ahmet İncekara (Editor)
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Description


With the spread of interest-based transactions, major problems such as inequality, poverty and debt-based slavery have emerged. Those who practiced professions such as usury have, despite the negative connotations attributed to them, contributed extensively to the construction of the conventional financial system in the global economy, suggesting that the core concepts in this practice need to be analyzed in greater depth and from a historical perspective.

This book analyzes the evolution of interest-bearing debt transactions from ancient times to the era of Abrahamic religions. In modern times, interest is strictly prohibited by Islam, but this book demonstrates that it is a practice that has been condemned and legally and morally prohibited in other civilizations, long before Islam outlawed it. Exploring the roots of this prohibition and how interest has been justified as a viable practice in economic and financial transactions, the book offers deep insight into the current nature of finance and economics, and the distinctive features of Islamic finance in particular and enables researchers to further delve into a review of interest-free financing models. Islamic finance, or alternative financial methods, have become extremely popular particularly in the aftermath of global financial crises, suggesting that they will attract further interest in the future as well.

The book is primarily aimed at undergraduate and graduate students but, as it avoids the use of technical jargon, it also speaks to a general readership. It will appeal to those who have an interest in financial history, particularly the history of debt as well.

About the Author


Murat Ustaoğlu is an associate professor of economics at Istanbul University, Istanbul, Turkey, and currently a visiting scholar at the City University of New York, USA.Ahmet İncekara is a professor of economics at Istanbul University, Istanbul, Turkey.


Product Details
ISBN: 9780367517755
ISBN-10: 0367517752
Publisher: Routledge
Publication Date: April 29th, 2022
Pages: 152
Language: English
Series: Islamic Business and Finance