Permisability of Interest?

From my own historical knowledge it was my understanding that interest used to be prohibited amongst Christian groups. I see aspects of this prohibition in the NT itself. Yet on the sidebar of this forum I see an add (one of many) for the Commonwealth bank.

Am I correct in thinking that there is a change in stance here? What is its justification?

I ask this in respectful confusion. My own religion prohibits the paying or receiving of interest, both being seen as inherently exploitative.

Thanks in advance,

peace.

Why did the Catholic church traditionally ban interest? I believe there was a verse stating 'Owe no man anything except the debt of love'?

Really? I'm in London, and last Wednesday I happened to see a bank called "The Islamic Bank of Britain" (which, frankly, frightens the living daylights out of me) and it advertises its "profit rates" in the window.

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Why does this scare you? Such Muslim banks do not charge interest on loans, essentially they buy an item and then allow an individual to buy the item (usually property) from them in instalments. This is different from other banks in that it is they who own the investment, and therefore they who fail if it fails. Other banks, because they are lending money, allow for speculation and are essentially making money purely because they themselves have it.

I personally find this still quite shady, and while it may be halal (permissible) I don't see it as being tayyib (beneficial).

Though again I ask why it frightens you? The Islamic system of banking, had it had been in place in countries like America, would have stopped the widespread artificial of housing prices beyond any reasonable value, and therefore stopped the last economic collapse.

One could also argue that without the interest made permissible in Britain and Holland, colonialism and the huge amount of exploitation and suffering that came with it, could never have occurred. But I digress.

In any event, the Bible prohibits the charging of interest, specifically between friends and family (including fellow Christians).The Bible doesn't necessarily prohibit earning interest so much as it condemns greed. Earning interest and greed aren't synonymous - it all depends on what you do with the interest you've earned.

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So as long as it is charging people you don't no, or infidels, it is permissible? Why is your understanding different to the above? Did the early church practice money lending?

In terms of secular authorities, banking in its current form stemmed from Christian countries, before secularism was invented. I always wonder what exactly in this world is not God's and therefore should not be rendered unto Him. Caesar, in reality, owns nothing. All is God's, surely?

Because, frankly, Islam is too dangerous a religion to have a bank in a country it is increasingly and insidiously starting to oppress. National banks I understand. Religious banks (ones which fail to adhere to the tenets of its faith, no less) are alarming, because it's the thin end of a very scary wedge.

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So you are against Christian values in public institutions? What makes Islam dangerous?

"Infidels" is all yours, bud. It's permissible, yes. And, again, the Bible condemns greed. In fact, Jesus told a parable about financial greed, and how it related to forgiveness and salvation.

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So there is a difference between how one should treat those close to you, and those who aren't Christian? So it is not okay to be harmful to Christians and family, but non-Christians and people you don't know are essentially fair game?

Couldn't tell you. Can't see that it would make any difference, anyhow. I'm well aware that things done in the name of God are often the very opposite of what He would want.

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Do Christians not believe that the early church, through proximity to Christ, would have held the more correct practices?

God is sovereign, but He appointed Adam the caretaker of this earth. God is ultimately sovereign, which is why He is our ultimate Authority. He trumps all else. But while we are on this planet, there are authorities we submit to.

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Indeed, but if these authorities are Christian, should they not submit to God?