Friday, November 14, 2008

An Alternative To Usury

The Jews have been in the money making business since Biblical time. Both the Bible and the Koran speak of the evil of usury which they practiced. Five hundred years ago, Shakespeare described this evil in his play "The Merchant of Venice" where Shylock, the Jew tried to get back the money he lent to a friend even though it meant the death of the borrower. I think it was the Jews who developed and refined the practice of usury to what it is today. Banking became their exclusive domain because the Bible abiding Christians of Europe and North America then kept themselves away from usury until the last hundred years.

During the last 200 years the famous Jewish family, the Rothschild set up banking networks in Europe and North America. Lehman of Wall Street is a well known example. The banking system they set up formed the back bone of American Capitalism. Today we can see for ourselves the weakness of the system.

The Christian West has not done anything to find an alternative to usury. In this I am proud to say that Malaysia has developed an Islamic based banking system which has found acceptance in some countries in the Middle East. I am also happy to hear representatives from EU and USA have started looking at Islamic banking. I hope prejudice against Islam would not stand in the way.

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