The paper examines the Islamic concept of riba and Marx's famous premise about the working class' exploitation by capitalist elites.
Written in 2008; 2,349 words; 6 sources; MLA; $ 72.95
Paper Summary:
The paper explores the similarity between the idea of riba in Islamic law and Marx's belief that the working class is exploited by capitalist elites. The paper examines how Islamic banks inspired by Islamic law and theology differ substantively and procedurally from western banks. The paper looks at the merits of Islamic law and Marxism vis-a-vis their shared concern for less-fortunate individuals. The paper concludes that both schools of thought are exceptional at articulating the needs of poor and struggling persons, but that the Islamic school of thought appears to be the more prudent and practical.
From the Paper:
"To begin with, experts who study the Koran are generally agreed that the abolition of riba (interest) is an essential injunction of Islam. Specifically, Islamic orthodoxy holds that riba is the exploitation of the poor by the wealthy; it is, in short, an undue charge and an instance of income re-distribution, with those who need the money least siphoning it away from those who need it most. Proceeding onward, the Islamic revulsion towards interest or riba appears to lead to another innovation of Islamic economic practice: the adoption of profit-sharing in lieu of interest-bearing transactions."
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