A Critique of Usury-Based Economy in the Ideal City (/ Utopia) of Liberalism from the Perspective of the Quran

Document Type : Original Article

Authors

1 . Ph.D. Graduate of Al-Mustafa International University, Gorgan Campus [Corresponding Author]:

2 Associate Professor and Head of the Philosophy and Islamic Theology Department at Al-Mustafa International University, Gorgan Campus

Abstract

Economic freedom and individual profit maximization are among the foundational concepts of the capitalist liberal system. One method to achieve such objectives is to establish an economic system built upon usury and interest. Consequently, societies governed by the liberal capitalist model have been deeply influenced by this phenomenon. Their economic foundation is rooted in usury and interest-based contracts. However, from the viewpoint of religious teachings and the Quran, the freedom to engage in financial and commercial activities, designed to prevent unjust gains, is limited by several prohibitions, including usurious trade. Usury and usurious commercial contracts are prohibited and condemned in the Quranic teachings and traditions, accompanied by discussions of their various ethical, social, and economic consequences. The findings of this research, obtained through analytical-critical methodology, indicate that usury and interest have given rise to numerous societal, ethical, and economic problems in communities where the economic system is based on usury-oriented liberal capitalism. The main content of this paper discusses and examines the usury-based economy of the ideal city of liberalism, along with its social, ethical, and economic impacts and damages, from an intra-religious critical and Quranic perspective.

Keywords

References

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The Quran and Science
Volume 17, Issue 32 - Serial Number 32
September 2023
Pages 299-324

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  • Receive Date: 25 September 2023
  • Accept Date: 25 September 2023

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