Samuel Gregg, director of research at the Acton Institute, has a piece in today’s Detroit News titled, “Will Quran limit growth of Muslim nations?” The commentary addresses the economic outlook of Muslims, and Islamic nations, considering their religious position against the charging of interest. Gregg notes:
Given the Arab world’s increasing religiosity, however, one potential obstacle could significantly handicap these nations’ financial creativity and economic diversification policies: Islam’s prohibition of interest-charging.
Gregg also briefly examines how Christians settled the moral dilemma regarding interest:
Christianity once had a usury issue. Christianity began resolving this matter in the medieval period. Scholastic theologians established that, under certain conditions (such as free exchange economies), money was not simply a means of exchange, but also “capital”: that is, a productive good whose owners could legitimately charge others for its use. Not all interest-charging, the scholastics concluded, constituted usury.