Banking And History Of Moneylending Research Paper

Length: 2 pages Sources: 2 Subject: Literature Type: Research Paper Paper: #48397281 Related Topics: Money And Banking, Henry Viii, Organized Crime, Hate Crimes
Excerpt from Research Paper :

Usury

The definition of usury has evolved over time. The basic premise is that a lender charges a rate of interest that is too high. Today, the standard for usury is defined in law, but initially the practice had no formal definition. Usury was traditionally banned in Christian society, has been criticized in Indian texts, and remains banned in Islamic society. Islamic banking, for example, requires that the lender either earn money from fees, or more commonly the lender exchanges the financing for an equity share, so profit-sharing, as a means of earning money without charging interest (IIBI, 2015)

During the time of King Henry VIII, usury was defined as charging interest. The idea of paying interest was new at the time, as a means of compensating the lender for the risk associated with lending. Interest, however, was not a common concept at least in England before this time. As a result, usury was initially defined by the charging of interest (Investopedia, 2015).

Over time, interest was allowed, and the definition of usury shifted. Charging excess interest became the definition, and eventually laws were put into insurance, who saw the Jews as "expendable competition" and often ordered their forcible expulsion, using usury as the charge on which to justify this removal of competition (Perry & Schweitzer,2002 p.125).

The emergence of banking concerns and corporations further spurred the need for interest-based lending. Banking developed in northern Italy. The first banks were set up by…

Sources Used in Documents:

References

IIBI (2015). Islamic banking. Institute of Islamic Banking and Insurance. Retrieved December 2, 2015 from http://www.islamic-banking.com/prohibition_of_interest.aspx

Investopedia (2015). Definition of usury. Investopedia. Retrieved December 2, 2015 from http://www.investopedia.com/terms/u/usury.asp

Perry, M. & Schweitzer, F. (2002) Antisemitism: Myth and hate from antiquity to the present. Palgrave MacMillan: New York.


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