Studying Islamic Finance

السلام والازدهار العدالة المجتمعي
You are visiting a blog associated with an online noncredit course studying the topic of Islamic Finance, moderated by John Wiley Spiers. Feel free to participate in our discussion, and if you are interested in taking the course visit http://www.johnspiers.com/Islamic_Finance/Welcome.html

Wednesday, September 19, 2012

Will Islam Save Western Civilization?

As to usury, commonly called “interest” today, the command in the Koran is no different than the command in the Bible.  Islam appears to be where Christianity was 500 years ago, as Islam today is struggling with that rule in modern markets.  That is not to say Islam is 500 years behind the West on this issue, it is only to observe we have contemporary examples to study of compliance with revealed Truth.

Nonetheless, some modern observers take the usury prohibition and its status in Islamic markets to be proof of Moslem backwardness.

Yet, there is a best-selling book that outlines the idea that the Irish saved Western Civilization given that after the Fall of Rome and the retreat of civilization in the “Dark Ages,” what good and true and beautiful in Western Civilization withdrew to the extremities of the empire of the Classical era.   Those extremities were a string of Catholic monasteries in Ireland.



Cahill makes and interesting case, and he largely follows Cantor on Medieval History, although Cantor makes the more scholarly note that Ireland was under the Greek aegis and the rest of Europe under the Roman aegis, making for some profound differences in culture.


Some take this 500 year delay on the part of Islam to be proof of backwardness.  Behold, the razzle dazzle of the West vs the rather underdeveloped Islamic economies.

But was it not just so of the era when “Ireland Saved Western Civilization?”  Did the monks not appear backward in their cave like monasteries, compared to the flesh pots of the cities, cities in which all manner of diversions were available, and the gap between rich and poor not unlike what we see today?

And were these monks not against the mores and culture of the larger society, a society that was dying but few if any participants of the medieval life in the fast lane could imagine the status quo not lasting forever?   If one was to read advice books from those monks one would imagine them to be the Taliban, what with their views on crime and punishment and the role of women.  And although there was little in the way of glamour in those monasteries, they were rich with the array of things people need, from medicines, to education, friendship, stability, spiritual development and other intangible goods.

Is it possible that the rejection of usury which God commanded has retreated to a few banks who are Shariah compliant? And from these banks will a new economic order and social justice emerge?

Far from being backward, it may just be the Will of God that Islam, like those improbable Irish Monks, saves Western Civilization by its good example.

Feel free to email this to three of your friends.

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