A history of prohibiting interest across civilizations

In-Depth Analysis

The prohibition of interest is not unique to Islam — it has deep roots across multiple religious traditions and civilizations. This article surveys the historical landscape to demonstrate that the moral objection to interest is a universal human concern. In Judaism, the Torah explicitly prohibits charging interest to fellow Jews (Exodus 22:25, Leviticus 25:36-37, Deuteronomy 23:19-20). The Hebrew word 'neshekh' (literally 'bite') was used for interest, conveying the idea that interest 'bites' into the borrower's wealth. In Christianity, the prohibition was maintained for centuries. The Council of Nicaea (325 CE) banned clergy from charging interest. Charlemagne extended this to all Christians. Thomas Aquinas argued that charging interest on money was unjust because money is consumed in its use — unlike a house, which can be rented because it provides ongoing utility. The Catholic Church's prohibition lasted until the 16th-17th centuries. In ancient civilizations, the Code of Hammurabi (circa 1754 BCE) regulated interest rates but also recognized the harm of excessive interest. The ancient Romans debated interest extensively, with Cato comparing money-lenders to murderers. The author argues that the modern acceptance of interest is a relatively recent development in human history, and that the Islamic position simply maintains the moral stance that most of human civilization held for millennia.