A History of Interest and Debt

Ancient Civilizations

Murat Ustaoğlu, Ahmet İncekara

$284

Hardback

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English

Routledge
10 July 2020

Religion: general; Economic history; Credit & credit institutions

Series: Islamic Business and Finance Series

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.

Edited by: Murat Ustaoğlu, Ahmet İncekara
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 353g
ISBN: 9780367484880
ISBN 10: 0367484889
Series: Islamic Business and Finance Series
Pages: 134
Publication Date: 10 July 2020
Audience: College/higher education , Primary , A / AS level
Format: Hardback
Publisher's Status: Active

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.