Mammon, Mortgage, Banks and Interest…
Stripping way back to the basic ‘true essentials’ for survival. Humans need to eat, drink and maintain a suitable living environment. The basic and ‘true essentials’ in order to survive is not the need for gold and silver or other items that have emerged alongside the development of today’s modern world.
However, in the name of, let’s say; practicality, money was gradually introduced. At first, not in the same form or forms that we now know. None-the-less, it is likely to have started as a means of, say perhaps neighbors, denoting a value to an item as a way of negotiating an exchange of goods…well maybe.
So, when did the ‘Interest’ start?
After all, for hundred of years interest was illegal, even within the Christian faith. So what happened?
… And what has a copper kettle have to do with Banks, Material Wealth and Interest…[Read on]
TAQO JOKES that; The interest came about when the idea of leveraging free money was realised.
Anyway, whilst interest does have some useful benefits in the modern world, by and large many people do not like the idea of ‘interest’. Especially when on the receiving end of a debt with interest on top. What do you think, is the use of interest often overly disproportionate in terms of the value? or is it normally fair?
You see, Banks thrive on the huge and sometimes extortionate interests rates they are said to often charge. Unlike the interest a customer would receive on their savings. Clearly the whole point of the modern banking system is tailored towards making huge profits. In a way you could say that interest is a means of making money out of nothing.
But what happens when you take away the ‘interest’ ? How would the Banks survive?
Well that’s easy you can use the method known in the Islamic world as Ijarah. Which simply implies a Sharia compliant rental or loan of an asset. After listening to Episode 701: A Bank Without Interest, you’ll soon get an idea for yourself just how practical, or not, the practice of not charging interest is.
Plus you’ll learn the significance of the copper kettle used as the featured image for this article…