Islamic economics
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A recent article on Al Jazeera :
‘Islamic halal investment and why is it on the rise?
https://www.aljazeera.com/news/2024/3/28/what-is-islamic-and-halal-investment-is-it-on-the-rise
(I seem to find only two article in the SS speaking of ‘Islamic banking’ ( issues no-1257-may-2009 and no-1306-june-2013 ), and no substantive references in the Forum.)
Lack of mention would be partly because there’s not a lot to say from a Marxist perspective: Islamic finance is still imposing a price of money, the same as interest, and it is just a division of surplus value.
“Since interest is merely a part of profit paid, according to our earlier assumption, by the industrial capitalist to the money-capitalist, the maximum limit of interest is the profit itself, in which case the portion pocketed by the productive capitalist would = 0. Aside from exceptional cases, in which interest might actually be larger than profit, but then could not be paid out of the profit, one might consider as the maximum limit of interest the total profit minus the portion (to be subsequently analysed) which resolves itself into wages of superintendence. The minimum limit of interest is altogether indeterminable. It may fall to any low. Yet in that case there will always be counteracting influences to raise it again above this relative minimum.”
https://www.marxists.org/archive/marx/works/1894-c3/ch22.htm
There are some very old and traditional forms of Islamic lending at profit which get round the no interest principle, but in practice, they are still a price of borrowing.
Here you can read what kind of credit-cards are and are not Islam-compliant.
Without falling into conspiracy theory, What about the jewish bankers ? Jewish laws also prohibits usury
Wom’t the answer be that, Judaism being a tribal religion, its rules only apply to members of the tribe, so there is no ban on members of the tribe lending money at interest to non-Jews?
Correct, the Jewish bankers were allowed to lend money with interests ( usury ) to Christians and Islamics because they were not members of Judaism, and they were allowed to borrow money from Gentiles ( The Torah only prohibits that practice within Jews ) they took the place of the Gentiles bankers, based in that principles and history many conspiracy theory have been created, that the Jews control the financial world, but the Islamic supported and promoted the African slavery which produced large profits as the bankers, and some banks lend money to slaves masters using their slaves as collateral or loans lien, similar to a movable property The Vatican has a big bank and they invest money in certain areas of the capitalist economy that generate profits
https://en.wikipedia.org/wiki/Loans_and_interest_in_Judaism
Loans and interest in Judaism
https://www.chabad.org/library/article_cdo/aid/4108763/jewish/Moneylending-and-Jewish-Law.htm
Money lending and Jewish Law
https://en.wikipedia.org/wiki/History_of_slavery_in_the_Muslim_world
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