(March 25, 2020 at 9:35 am)Mr Greene Wrote: Islam declares payment of Interest to be Haram. Obviously this creates issues with obtaining finance (though most rich Islamic leaders choose to ignore the restriction when it comes to their personal finance, at least until it comes to paying them off...).
It's true that modern fundamentalist Muslims are against all interest. Historically, though, this has varied. Just as Christians have differed over the definition of "usury" -- whether it refers to all interest or only excessive interest -- the Muslim world has varying views on this.
A quick Google search indicates that banks in Bangladesh charge and pay interest. The current rate on savings is apparently 6.6%.
Quote:In the case of India, Mirza Shuja ud-din Muhammad Khan, Nawab of Bengal in common with most Mughal leaders believed that his palaces should be large and lavishly decorated. This was financed by loans from Bengal's Hindu bankers. However he decided that as a muslim he shouldn't have to pay their interest and when summoned regarding his missed payments he threatened the bankers with forced conversion to Islam and circumcision.
Obviously the bankers didn't take this well and convinced the commander of the Palace Guard, Alivardi Khan, to betray and depose Mirza Shuja ud-din Muhammad Khan and supported his claiming the throne.
Alivardi Khan himself took out loans and the process repeated with Alivardi Khan being deposed by Sarfaraz Khan (son of Mirza Shuja ud-din Muhammad Khan) but yet again this led to arguments with his bankers who this time decided to invite the East India Company to take over Bengal.
This provided to Bengal and ultimately to India as whole as the Company did not owe the bankers,(though individual employees did resulting in the bulk of Indian revenue being retained by the Indian banks.)
Very similar things happened in Europe, when Christian rulers borrowed from Jewish lenders. Then when it was time to pay back the loans they had a sudden attack of piety and expelled the Jews.
But such anecdotes don't tell me about the overall situation. We'd need to establish that this is the norm, and still relevant, and not just cherry-picked bad examples.
Quote:Bengal was the richest state in India (The whole of the British Empire in fact) and on independence became partitioned into West Bengal under Delhi and East Pakistan, now Bangladesh as an Islamic republic. Bangladesh has collapsed economically following this.
Bangladesh is a secular state, and I see no indication that its government won't do normal modern banking. Its economic collapse may well have to do with partition itself, mass population movements, environmental catastrophes, corruption, and other things. I can't really say, but so far I see no evidence that Islam is the cause.
Quote:This scenario is played through even today with Muslims taking out loans then refusing to pay on the basis that 'as Muslims the agreements they signed don't apply to them'. as a result all Muslims get poor credit ratings.
Can you cite some modern cases of this? Is it really true that ALL Muslims get poor credit ratings? There are some awfully rich ones. Does Mohamed Al-Fayed have a poor credit rating?
This is from the Wikipedia page on Bangladesh:
Quote:Although the country continues to face the challenges of the Rohingya Refugee Crisis,[20] corruption[21] and the adverse effects of climate change,[22] it is one of the emerging and growth-leading economies of the world. Bangladesh is also one of the Next Eleven countries, with one of the in the world.
I am no expert on this topic, and I know that Wikipedia isn't unimpeachable. Still, I see no evidence yet that merely being majority-Muslim condemns a country's economy. If you have some more information I don't know about I'd be interested, but anecdotes about bad examples in India don't persuade me about the total picture.