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Interest prohibition and financial product innovation

By J. A. Bergstra and C. A. Middelburg

Abstract

We give a rough sketch of the Judaic, Greek, Islamic and Christian positions in the matter of interest prohibition during the last few millennia and discuss the way in which interest prohibition is dealt with in Islamic finance, the problems with authority-based arguments for interest prohibition, and the prospects of interest prohibition with the advent of electronic money.Comment: 9 page

Topics: Quantitative Finance - General Finance
Year: 2011
OAI identifier: oai:arXiv.org:1104.2471
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