Biblical Banking

[AlexB23]

Hello folks. Today's devotional covers Biblical banking, as in how to honor God and His kingdom with our finances. Spoiler alert: Nowhere in the Bible does it say that God will give you money if you give the church money.

Date​	September 6, 2024 | Biblical Banking​
Verse​	Exodus 22:25-27a (NIV): "If you lend money to one of my people among you who is needy, do not treat it like a business deal; charge no interest. If you take your neighbor’s cloak as a pledge, return it by sunset, because that cloak is the only covering your neighbor has." Deuteronomy 23:19-20 (NIV): "Do not charge a fellow Israelite interest, whether on money or food or anything else that may earn interest. You may charge a foreigner interest, but not a fellow Israelite, so that the Lord your God may bless you in everything you put your hand to in the land you are entering to possess." Proverbs 13:11 (NIV): "Dishonest money dwindles away, but whoever gathers money little by little makes it grow." Proverbs 22:7 (NIV): "The rich rule over the poor, and the borrower is slave to the lender." Luke 14:28 (NIV): "Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it?"​
Explanation​	These five passages from the Bible provide guidance on financial matters, planning for the future, and making ethical choices when it comes to money. They emphasize the importance of honesty, generosity, responsibility, and compassion in dealing with finances.​ Exodus 22:25-27a: This passage instructs against treating lending as a business deal by charging interest on loans given to fellow Israelites who are needy. It emphasizes the importance of helping those in need without exploiting their vulnerability, encouraging compassion and generosity within the community. Deuteronomy 23:19-20: These verses forbid charging interest to other Israelites but allow it with foreigners. The purpose is to prevent fellow believers from being burdened by debt and ensure that the Lord blesses them in their endeavors. This passage highlights the importance of fairness, compassion, and ethical business practices within the community. Proverbs 13:11 & Proverbs 22:7: These proverbs warn against dishonest money practices (Proverbs 13:11) and emphasize that wealth is not a guarantee of power or freedom from servitude (Proverbs 22:7). They encourage Christians to work diligently, save wisely, and avoid the temptation of exploiting others for financial gain. Luke 14:28: This passage encourages careful planning before embarking on significant projects or investments. It serves as a reminder that responsible stewardship requires considering the potential risks and costs involved.
Societal Relevance​	In the modern world, Christians can honor these teachings by practicing financial integrity in their personal lives and business dealings. This includes saving wisely, spending within one's means, avoiding risky investments, and ensuring fair treatment of all parties involved in financial transactions. Companies should also strive to make ethical monetary decisions that prioritize the well-being of employees, customers, and the wider community over short-term profits. To avoid being foolhardy with finances, Christians can seek advice from trusted mentors or financial advisers, educate themselves on sound money management practices, establish a budget to track income and expenses, and regularly evaluate their investments for alignment with their values and long-term goals. By following these principles, they can ensure that their use of wealth honors God and demonstrates the love and compassion He calls us to exhibit in all areas of life. Money management as Christians can be a difficult task for some. For myself, it is relatively easy to manage money as I am not a materialist, and also by staying within budget, plus I am naturally energy efficient using LED lights and a smart thermostat that came with my place. For instance, my A/C is set to 79°F (26°C) during the day, 73°F (23°C) during the night and 84°F (29°C) when out and about. During the winter, heat is not necessary except for a few weeks during January, as the other rooms around my place generate enough heat. Also, most of my clothing is second hand, therefore reducing the cost of garments. Shopping at smaller grocery stores with less choice such as Aldi can also reduce impulse purchases, such as sweets. We as Christians must be willing to part ways with our money for the greater good of society. As a Christian, donating money to organizations has also become important over the past year or so. Typically, I donate to a statewide organization that helps folks such as veterans and the disenfranchised pay for heating and cooling bills. During certain months, I may donate to other nonprofits. The hard part is picking an organization that is transparent and uses their donations wisely. Luckily, my dad’s friend runs a nonprofit that is transparent known as Crisis Aid International. As I have slumped on donating over this summer, I will donate to them this September. Finally, God wants us to treat others the way we want to be treated, so that is the reason why it is important to my faith to make good decisions with money, as money belongs to God.

 

[AlexB23]

Here are some follow-up questions, to allow for good conversation.

 

[Reluctant Theologian]

Here are some follow-up questions, to allow for good conversation.

View attachment 354264

I'm not an Israelite, but the question still is whether believers among themselves are allowed to charge interest on loans?

Our whole economic system is based on interest - so not being able to use that makes the complete financial system impossible to maintain.

Islam still uses that same rule - but the Islamic world has invented alternative systems with 'interest-free' mortgages that indirectly still amount to the same.

Yeshua recommends us to forgive/cancel debts to debtors who cannot repay us - would banks have to do the same? Would Yeshua's words really mean any debt should be forgiven/cancelled that easily? In today's terms that would trigger an avalanche of irresponsible lending ...

In Biblical times one could always sign-up to be a slave for seven years and thus repay any debt. And any debt would be wiped out anyway every seven years. That rule (Deuteronomy 15:1-2) basically also means that no loan should be initiated that cannot reasonably be paid back in seven years.

Any land transactions across tribes had to be reverted (for free) after every 50 years also - I really like that rule as it is God's way of saying that intergenerational build-up of wealth that locks out the poor of home/land ownership is bad. That's never a popular topic among believers in the (capitalist) Western world ...

 

[AlexB23]

I'm not an Israelite, but the question still is whether believers among themselves are allowed to charge interest on loans?

Our whole economic system is based on interest - so not being able to use that makes the complete financial system impossible to maintain.

Islam still uses that same rule - but the Islamic world has invented alternative systems with 'interest-free' mortgages that indirectly still amount to the same.

Yeshua recommends us to forgive/cancel debts to debtors who cannot repay us - would banks have to do the same? Would Yeshua's words really mean any debt should be forgiven/cancelled that easily? In today's terms that would trigger an avalanche of irresponsible lending ...

In Biblical times one could always sign-up to be a slave for seven years and thus repay any debt. And any debt would be wiped out anyway every seven years. That rule (Deuteronomy 15:1-2) basically also means that no loan should be initiated that cannot reasonably be paid back in seven years.

Any land transactions across tribes had to be reverted (for free) after every 50 years also - I really like that rule as it is God's way of saying that intergenerational build-up of wealth that locks out the poor of home/land ownership is bad. That's never a popular topic among believers in the (capitalist) Western world ...

Well, we live in a fallen world, so that is why no one listens to Exodus 22:25. Our global system might be flawed, so there is no solution to this issue, except for Christ's return. So, there is no solution to these issues. No economic system in place can save humanity.

Maybe, banks could have a flat interest rate of a few percent per year, but then after 7 years of taking a loan, have the interest rate drop to 0%.

 

[HarleyER]

Hello folks. Today's devotional covers Biblical banking, as in how to honor God and His kingdom with our finances. Spoiler alert: Nowhere in the Bible does it say that God will give you money if you give the church money.

Date​	September 6, 2024 | Biblical Banking​
Verse​	Exodus 22:25-27a (NIV): "If you lend money to one of my people among you who is needy, do not treat it like a business deal; charge no interest. If you take your neighbor’s cloak as a pledge, return it by sunset, because that cloak is the only covering your neighbor has." Deuteronomy 23:19-20 (NIV): "Do not charge a fellow Israelite interest, whether on money or food or anything else that may earn interest. You may charge a foreigner interest, but not a fellow Israelite, so that the Lord your God may bless you in everything you put your hand to in the land you are entering to possess." Proverbs 13:11 (NIV): "Dishonest money dwindles away, but whoever gathers money little by little makes it grow." Proverbs 22:7 (NIV): "The rich rule over the poor, and the borrower is slave to the lender." Luke 14:28 (NIV): "Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it?"​
Explanation​	These five passages from the Bible provide guidance on financial matters, planning for the future, and making ethical choices when it comes to money. They emphasize the importance of honesty, generosity, responsibility, and compassion in dealing with finances.​ Exodus 22:25-27a: This passage instructs against treating lending as a business deal by charging interest on loans given to fellow Israelites who are needy. It emphasizes the importance of helping those in need without exploiting their vulnerability, encouraging compassion and generosity within the community. Deuteronomy 23:19-20: These verses forbid charging interest to other Israelites but allow it with foreigners. The purpose is to prevent fellow believers from being burdened by debt and ensure that the Lord blesses them in their endeavors. This passage highlights the importance of fairness, compassion, and ethical business practices within the community. Proverbs 13:11 & Proverbs 22:7: These proverbs warn against dishonest money practices (Proverbs 13:11) and emphasize that wealth is not a guarantee of power or freedom from servitude (Proverbs 22:7). They encourage Christians to work diligently, save wisely, and avoid the temptation of exploiting others for financial gain. Luke 14:28: This passage encourages careful planning before embarking on significant projects or investments. It serves as a reminder that responsible stewardship requires considering the potential risks and costs involved.
Societal Relevance​	In the modern world, Christians can honor these teachings by practicing financial integrity in their personal lives and business dealings. This includes saving wisely, spending within one's means, avoiding risky investments, and ensuring fair treatment of all parties involved in financial transactions. Companies should also strive to make ethical monetary decisions that prioritize the well-being of employees, customers, and the wider community over short-term profits. To avoid being foolhardy with finances, Christians can seek advice from trusted mentors or financial advisers, educate themselves on sound money management practices, establish a budget to track income and expenses, and regularly evaluate their investments for alignment with their values and long-term goals. By following these principles, they can ensure that their use of wealth honors God and demonstrates the love and compassion He calls us to exhibit in all areas of life. Money management as Christians can be a difficult task for some. For myself, it is relatively easy to manage money as I am not a materialist, and also by staying within budget, plus I am naturally energy efficient using LED lights and a smart thermostat that came with my place. For instance, my A/C is set to 79°F (26°C) during the day, 73°F (23°C) during the night and 84°F (29°C) when out and about. During the winter, heat is not necessary except for a few weeks during January, as the other rooms around my place generate enough heat. Also, most of my clothing is second hand, therefore reducing the cost of garments. Shopping at smaller grocery stores with less choice such as Aldi can also reduce impulse purchases, such as sweets. We as Christians must be willing to part ways with our money for the greater good of society. As a Christian, donating money to organizations has also become important over the past year or so. Typically, I donate to a statewide organization that helps folks such as veterans and the disenfranchised pay for heating and cooling bills. During certain months, I may donate to other nonprofits. The hard part is picking an organization that is transparent and uses their donations wisely. Luckily, my dad’s friend runs a nonprofit that is transparent known as Crisis Aid International. As I have slumped on donating over this summer, I will donate to them this September. Finally, God wants us to treat others the way we want to be treated, so that is the reason why it is important to my faith to make good decisions with money, as money belongs to God.

Very wise advice. It is very important to have a budget. I've always been of the philosophy to give a little, save a little, spend a little (on oneself). By God's grace, that has worked out very well.

I'm always hesitant to talk about giving as it is a personal matter. Today, my wife and I only give to 1) organizations that help faithful pastors who now in their retirement face financial difficulties, 2) organizations spread the word of Christ through media, 3) missionaries that I'm personally knowledgable about the missions, 4) good, gospel preaching seminaries that will train the next generation of pastors and leaders of the gospel, and 5) our local church. We have been know to give money to individuals on a case by case basis and according to a set criteria. I no longer support secular organizations as the government seems to have plenty of programs that support those purposes. What is lacking are funds for the cause of Christ in my opinion.

 

[AlexB23]

Very wise advice. It is very important to have a budget. I've always been of the philosophy to give a little, save a little, spend a little (on oneself). By God's grace, that has worked out very well.

I'm always hesitant to talk about giving as it is a personal matter. Today, my wife and I only give to 1) organizations that help faithful pastors who now in their retirement face financial difficulties, 2) organizations spread the word of Christ through media, 3) missionaries that I'm personally knowledgable about the missions, 4) good, gospel preaching seminaries that will train the next generation of pastors and leaders of the gospel, and 5) our local church. We have been know to give money to individuals on a case by case basis and according to a set criteria. I no longer support secular organizations as the government seems to have plenty of programs that support those purposes. What is lacking are funds for the cause of Christ in my opinion.

Thank you. It is good that you give to organizations that help pastors in financial trouble, missionaries and Gospel distribution organizations. Yeah, secular organizations can be a bit risky to give to, which is why I will start giving more to Christian owned organizations.