RE: Islamic Banking
November 29, 2011 at 2:47 pm
(This post was last modified: November 29, 2011 at 3:00 pm by The Grand Nudger.)
We'd also have difficulty funding potentially risky but extremely useful projects, as well as responding to a crisis like the one we're currently in. We've assumed the system we have for reasons (to avoid this or that problem, or achieve this or that goal). Those issues we have attempted to overcome with this system wouldn't go away simply because we chose another system (case in point, free markets were supposed to do away with the inequality we suffered under imposed markets..but they didn't. Islamic banks can't charge usory interest but the can charge fees that would be considered usory if they were interest), and whatever system we chose would have problems of it's own. We might want to give some thought to not marrying ourselves to any single system of anything so completely as we have thusfar. Different tasks, different tools.
I think interest is perfectly reasonable when it comes to personal loans if we're going to continue operating with the systems we have in place regarding what those loans are used for. There has to be some incentive for someone to hand you 30k, or else they won't. Even usory interest rates. You always have the option of declining the loan. Of course, if you'd argue that one needs the loan to secure a home, to use your example...then is it the interest rate or the price of the home that's the problem (or indeed, that there is even a price on a home in the first place)?
I think interest is perfectly reasonable when it comes to personal loans if we're going to continue operating with the systems we have in place regarding what those loans are used for. There has to be some incentive for someone to hand you 30k, or else they won't. Even usory interest rates. You always have the option of declining the loan. Of course, if you'd argue that one needs the loan to secure a home, to use your example...then is it the interest rate or the price of the home that's the problem (or indeed, that there is even a price on a home in the first place)?
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