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Examining the relationship between war and interest-based transactions: the case of the Ottoman empire

Mubasshera, Hamida and Kassim, Salina (2015) Examining the relationship between war and interest-based transactions: the case of the Ottoman empire. Humanomics, 31 (4). pp. 454-466. ISSN 0828-8666

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Abstract

This paper attempts to provide a deeper understanding of the verseswhere Allah has declared war against people who deal with interest by examining the relationship between war and interest based transaction.It systematically and choronologically explores the major economics events of the late Ottoman era that contributed in shaping the fate of the empire.Then it proposes that the significance of the abovementioned metaphor is not limited only to spiritual dimension, rather can also be extended to literal perspective. This paper addresses a missing component in the existing literature of Islamic economics related with interest where the political economic aspects of it have seldom received due attention. A careful analysis of these issues is expected to contribute towards better understanding of the dire consequences of dealing in interest on a micro level. On a macro level, apart from enabling a better and prudent policy formulation by learning from past mistakes, this study also attempts to bring attention to the fact that Muslims are sure to defeat in the hands of disbelievers if they themselves are at war with Allah and His messenger.

Item Type: Article (Journal)
Additional Information: 4600/46099
Uncontrolled Keywords: Interest, Ottoman Empire, Islamic economics, Historical economic perspective, Relationship between war and interest
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Institute of Islamic Banking & Finance (IIiBF)
Depositing User: Dr Salina Kassim
Date Deposited: 22 Dec 2015 10:43
Last Modified: 08 Aug 2017 11:04
URI: http://irep.iium.edu.my/id/eprint/46099

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