Chapter 10: Islam and the Economy
There is a view, widely held and occasionally expressed, according to which there is some fundamental incompatibility between Islam and the economy—that Islamic beliefs and practices are somehow obstructive to economic development and progress.
Two arguments are usually advanced in support of this view. The first is the Islamic ban on interest. Some have argued that the Arabic term riba, usually translated “interest,” really means usury, that is, excessive interest. This view, however, has in the past commanded little or no acceptance among ...
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