Re: Pakistan Supreme Court outlaws interest

["Harry Veeder" <veed0001@xxxxxxxxxxxxxxxx>]

The "october revolution" was
politically motivated, not religiously motivated.

There need be no "october revolution". If there is, it will
be fault the fault of "secularists" for failing to appreciate
and respect the religious *differences* between them and theists.

Interest was at one time officially fround upon by the Church too, so
a negative view of interest isn't peculiar to the Muslim faith.
Your next door neighbour, of no organized religion, might also share
Islam's religious objections to the charging of interest.

Interest is not the root of all evil, but failure to respect
legitimate religious differences does contribute to evil.

Harry Veeder


----------
>From: Mason Clark <masonc@xxxxxxxxxxxxx>
>To: POST-KEYNESIAN THOUGHT <pkt@xxxxxxxxxxxxxxxx>
>Subject: Pakistan Supreme Court outlaws interest
>Date: Sat, Mar 25, 2000, 9:50 am
>

>
>The following was posted to the sci.econ and uk.religion.islam
>newsgroups.  I'm certain the poster, who asks for comments,
>will have no objection to its distribution to pkt.  The complete
>judgement at the link below is lengthy, and must be of great
>interest to economists (not to mention bankers!).
>
>           Mason Clark
>
>quote:
>
>The highest constitutional court in Pakistan, The Supreme Court, in a
>recent landmark judgement has prohibited the charging of INTEREST on
>any financial transaction in the economy. This prohibition is based
>upon the KORANIC injunction banning interest (Riba'  in Arabic) from
>the economy.
>
>The text of the judgement is available at
>
>    http://www.jamaat.org/news/SCRiba.html
>
>In my opinion the effect of the judgement are likely to of the same
>magnitude, if not bigger, than the October Revolution,and are likely to
>echo in the economies of the Muslim countries, in the near future and
>consequently in the rest of the world. Founded on a religious basis, it
>will precipitate responses much more powerful than those generated by
>Marxist ideaology-- at least in the Muslim world.
>
>The international financial system and with it the whole system of
>commerce and trade shall be effected by it, particularly if the oil
>rich middle eastern countries (which are all muslim) also take steps
>towards an interest free economy.
>
>Comments highly appreciated with a copy to me by email at
><expaco@xxxxxxxxxx>. Many Thanks in advance
>
>Aurangzeb
>
>