THE END OF ECONOMICS – AN ISLAMIC CRITIQUE OF ECONOMICS pdf download

The End of Economics – An Islamic Critique of Economics by Umar Vadillo

THE END OF ECONOMICS – AN ISLAMIC CRITIQUE OF ECONOMICS

The position of Islam is very clear. Usury has been prohibited by Allah.

This prohibition was transmitted by Allah to the Prophet Moses, may Peace be upon him, and then also to the Prophet Jesus, may peace be upon him, and to the Prophet Muhammad, may peace and blessings be upon him.

The phenomenon of usury is well known, having been condemned by men such as Plato (The Laws, c 742) who considered it inimical to the well-being of society since it set up a class of rich, usurious creditors against a class of poor debtors; as Aristotle (Politics, 1258 b 1, 2-8);

Aristophanes (the Clouds, 1283 ff); and Plutarch (“Morality” On money lending, 829); as for the Romans there were men such as Seneca (“De Beneficiis”, VII,X7) or Cicero (“De Oficiis”, II, XXV, Concerning Cato) who compared usury to the assassination, even though Roman Law (after several unsuccessful attempts to prohibit it) tolerated it within certain limits.

As for the early Fathers of the Christian Church, there were men such as Gregorius Nysennas (P.G. 46,434), Juan Chrisostomos (PG 53,376:57, 61 bis), Augustinus (PL 33,664),

 Thomas Aquinas (“Summa” II-II, question lxxvii, “De Malo” question xiii, 1.2a.14) who compared the usurer to someone who was trying to sell the wine itself and the use of the wine as two separate transactions; or Duns Scotus (in IV Sentent”, d.15, question 2,nn 17-20 and 26);

likewise the majority of the Christian Popes and Councils held up to 1830 – the year when they began to legalize small amounts of interest on loans – see for example Pope Benedicto XVI (Encyclical of the Italian bishops of 1745). Likewise, the Christian kings such as Alfonso the Wise