Monetary Interest

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Table of Contents

In the Old Testament, several verses discuss the concept of monetary interest, usually in the context of prohibitions against charging interest to fellow Israelites. Here are the primary verses that address this topic:

1. Exodus 22:25:

   • "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."

2. Leviticus 25:35-37:

   • "If any of your fellow Israelites become poor and are unable to support themselves among you, help them as you would a foreigner and stranger, so they can continue to live among you. Do not take interest or any profit from them, but fear your God, so that they may continue to live among you. You must not lend them money at interest or sell them food at a profit."

3. Deuteronomy 23:19-20:

   • "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."

4. Nehemiah 5:7-10:

   • "I pondered them in my mind and then accused the nobles and officials. I told them, 'You are charging your own people interest!' So I called together a large meeting to deal with them and said: 'As far as possible, we have bought back our fellow Jews who were sold to the Gentiles. Now you are selling your own people, only for them to be sold back to us!' They kept quiet because they could find nothing to say. So I continued, 'What you are doing is not right. Shouldn't you walk in the fear of our God to avoid the reproach of our Gentile enemies? I and my brothers and my men are also lending the people money and grain. But let us stop charging interest!'"

5. Psalm 15:5:

   • "Whoever does not lend money at interest and does not accept a bribe against the innocent. Whoever does these things will never be shaken."

6. Proverbs 28:8:

   • "Whoever increases wealth by taking interest or profit from the poor amasses it for another, who will be kind to the poor."

These verses reflect the ethical and communal considerations surrounding monetary interest within the Israelite community, emphasizing fairness and compassion, especially towards the poor and needy.

Here are some key verses in the Old Testament that address the topic of debt:

1. Exodus 22:25:

   • "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."

2. Leviticus 25:35-37:

   • "If any of your fellow Israelites become poor and are unable to support themselves among you, help them as you would a foreigner and stranger, so they can continue to live among you. Do not take interest or any profit from them, but fear your God, so that they may continue to live among you. You must not lend them money at interest or sell them food at a profit."

3. Deuteronomy 15:1-2:

   • "At the end of every seven years you must cancel debts. This is how it is to be done: Every creditor shall cancel any loan they have made to a fellow Israelite. They shall not require payment from anyone among their own people, because the Lord’s time for canceling debts has been proclaimed."

4. Deuteronomy 15:7-11:

   • "If anyone is poor among your fellow Israelites in any of the towns of the land the Lord your God is giving you, do not be hardhearted or tightfisted toward them. Rather, be openhanded and freely lend them whatever they need. Be careful not to harbor this wicked thought: ‘The seventh year, the year for canceling debts, is near,’ so that you do not show ill will toward the needy among your fellow Israelites and give them nothing. They may then appeal to the Lord against you, and you will be found guilty of sin. Give generously to them and do so without a grudging heart; then because of this the Lord your God will bless you in all your work and in everything you put your hand to. There will always be poor people in the land. Therefore I command you to be openhanded toward your fellow Israelites who are poor and needy in your land."

5. Deuteronomy 23:19-20:

   • "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."

6. Proverbs 22:7:

   • "The rich rule over the poor, and the borrower is slave to the lender."

7. Nehemiah 5:1-13:

   • This passage describes a situation where the Jews were charging interest to their fellow Jews, leading to Nehemiah's strong rebuke and the people's commitment to stop charging interest and return property and money to those who had been wronged.

8. Psalm 37:21:

   • "The wicked borrow and do not repay, but the righteous give generously."

9. 2 Kings 4:1-7:

   • This passage tells the story of the widow's oil, where Elisha helps a widow in debt by performing a miracle that allows her to sell oil to pay off her debts and live on the remainder.

These verses provide a comprehensive view of the Old Testament's perspective on debt, emphasizing fairness, compassion, and the importance of supporting those in need without exploiting them.

In the New Testament, the topic of monetary interest is not as explicitly addressed as in the Old Testament. However, there are a few passages that touch upon the concept indirectly, often through parables or teachings on stewardship and generosity. Here are the primary references:

1. Matthew 25:27:

   • "Well then, you should have put my money on deposit with the bankers, so that when I returned I would have received it back with interest."

2. Luke 19:23:

   • "Why then didn’t you put my money on deposit, so that when I came back, I could have collected it with interest?"

Both of these verses come from parables told by Jesus. The first is from the Parable of the Talents in Matthew, and the second is from the Parable of the Ten Minas in Luke. In these parables, the concept of interest is mentioned in the context of being prudent and responsible with resources entrusted to someone.

While these verses do not directly address the ethics of charging interest, they do acknowledge the practice of earning interest as part of broader teachings on responsibility and stewardship. The New Testament focuses more on principles of generosity, helping others, and being wise stewards of one's resources.

Here are some key verses in the New Testament that address the topic of debt:

1. Matthew 5:25-26:

   • "Settle matters quickly with your adversary who is taking you to court. Do it while you are still together on the way, or your adversary may hand you over to the judge, and the judge may hand you over to the officer, and you may be thrown into prison. Truly I tell you, you will not get out until you have paid the last penny."

2. Matthew 6:12 (The Lord’s Prayer):

   • "And forgive us our debts, as we also have forgiven our debtors."

3. Matthew 18:21-35:

   • This passage contains the Parable of the Unforgiving Servant, where Jesus teaches about the importance of forgiving others' debts as God forgives ours. It emphasizes mercy and the need to forgive others as we have been forgiven.

4. Luke 6:34-35:

   • "And if you lend to those from whom you expect repayment, what credit is that to you? Even sinners lend to sinners, expecting to be repaid in full. But love your enemies, do good to them, and lend to them without expecting to get anything back. Then your reward will be great, and you will be children of the Most High, because he is kind to the ungrateful and wicked."

5. Luke 7:41-43:

   • "Two people owed money to a certain moneylender. One owed him five hundred denarii, and the other fifty. Neither of them had the money to pay him back, so he forgave the debts of both. Now which of them will love him more?" Simon replied, "I suppose the one who had the bigger debt forgiven." "You have judged correctly," Jesus said.

6. Romans 13:8:

   • "Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law."

7. Philemon 1:18-19:

   • "If he has done you any wrong or owes you anything, charge it to me. I, Paul, am writing this with my own hand. I will pay it back—not to mention that you owe me your very self."

These verses provide guidance on how to handle debt, emphasizing themes of forgiveness, mercy, and the importance of loving and supporting one another.

The Qur'an addresses the concept of monetary interest, referred to as "riba," in several verses. Riba is generally prohibited in Islam, and the verses highlight the moral and ethical considerations surrounding the practice. Here are the key verses from the Qur'an that discuss riba:

1. Surah Al-Baqarah (2:275-280):

   • "Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, 'Trade is [just] like interest.' But Allah has permitted trade and has forbidden interest. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah. But whoever returns to [dealing in interest or usury] - those are the companions of the Fire; they will abide eternally therein. Allah destroys interest and gives increase for charities. And Allah does not like every sinning disbeliever. Indeed, those who believe and do righteous deeds and establish prayer and give zakah will have their reward with their Lord, and there will be no fear concerning them, nor will they grieve. O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers. And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged. And if someone is in hardship, then [let there be] postponement until [a time of] ease. But if you give [from your right as] charity, then it is better for you, if you only knew."

2. Surah Al-Baqarah (2:278-279):

   • "O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers. And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged."

3. Surah Al-Imran (3:130):

   • "O you who have believed, do not consume interest, doubled and multiplied, but fear Allah that you may be successful."

4. Surah An-Nisa (4:161):

   • "And [for] their taking of usury while they had been forbidden from it, and their consuming of the people's wealth unjustly. And We have prepared for the disbelievers among them a painful punishment."

5. Surah Ar-Rum (30:39):

   • "And whatever you give for interest to increase within the wealth of people will not increase with Allah. But what you give in zakah, desiring the countenance of Allah - those are the multipliers."

These verses highlight the prohibition of riba and emphasize the importance of fairness, justice, and charity in financial dealings. The Qur'an encourages believers to avoid interest and engage in ethical financial practices that do not exploit others.

Here are some key verses in the Quran that address the topic of debt:

1. Surah Al-Baqarah (2:275-281):

   • "Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, 'Trade is [just] like interest.' But Allah has permitted trade and has forbidden interest. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah. But whoever returns to [dealing in interest or usury] – those are the companions of the Fire; they will abide eternally therein. Allah destroys interest and gives increase for charities. And Allah does not like every sinning disbeliever."

2. Surah Al-Baqarah (2:282):

   • "O you who have believed, when you contract a debt for a specified term, write it down. And let a scribe write it between you in justice. Let no scribe refuse to write as Allah has taught him. So let him write and let the one who has the obligation dictate. And let him fear Allah, his Lord, and not leave anything out of it. But if the one who has the obligation is of limited understanding or weak or unable to dictate himself, then let his guardian dictate in justice. And bring to witness two witnesses from among your men. And if there are not two men [available], then a man and two women from those whom you accept as witnesses – so that if one of the women errs, then the other can remind her. And let not the witnesses refuse when they are called upon. And do not be too weary to write it, whether it is small or large, for its specified term. That is more just in the sight of Allah and stronger as evidence and more likely to prevent doubt between you, except when it is an immediate transaction which you conduct among yourselves. For [then] there is no blame upon you if you do not write it. And take witnesses when you conclude a contract. Let no scribe be harmed or any witness. For if you do so, indeed, it is [grave] disobedience in you. And fear Allah. And Allah teaches you. And Allah is Knowing of all things."

3. Surah Al-Baqarah (2:280):

   • "And if someone is in hardship, then [let there be] postponement until [a time of] ease. But if you give [from your right as] charity, then it is better for you, if you only knew."

4. Surah Al-Baqarah (2:283):

   • "And if you are on a journey and cannot find a scribe, then a security deposit [should be] taken. But if one of you entrusts another, then let him who is entrusted discharge his trust [faithfully] and let him fear Allah, his Lord. And do not conceal testimony, for whoever conceals it – his heart is indeed sinful, and Allah is Knowing of what you do."

5. Surah An-Nisa (4:29):

   • "O you who have believed, do not consume one another's wealth unjustly or send it [in bribery] to the rulers in order that [they might aid] you [to] consume a portion of the wealth of the people in sin, while you know [it is unlawful]."

6. Surah At-Taghabun (64:17):

   • "If you loan Allah a goodly loan, He will multiply it for you and forgive you. And Allah is Most Appreciative and Forbearing."

These verses highlight the importance of fairness, justice, and compassion in matters of debt, as well as the prohibition of usury (interest), and emphasize the importance of documenting debts and providing relief to those in hardship.

Buddhist scriptures do not specifically address monetary interest in the same way as the Abrahamic faiths (Judaism, Christianity, and Islam). However, they do provide teachings on ethical behavior, right livelihood, and the avoidance of harm to others, which can be interpreted to include considerations of fair financial practices.

The following principles from Buddhist teachings may be relevant to understanding the ethical context of monetary interest:

1. Right Livelihood (Samma Ajiva):

   • Right Livelihood is one of the steps on the Noble Eightfold Path. It advises against professions that cause harm to others. This principle can be interpreted to discourage exploitative financial practices, including charging excessive interest.

2. The Five Precepts (Pancasila):

   • The Five Precepts are ethical guidelines for lay Buddhists, one of which is to abstain from taking what is not given. This precept encourages fairness and honesty in all dealings, including financial transactions.

3. The Dhammapada:

   • While the Dhammapada does not specifically mention interest, it includes teachings on wealth and generosity. For example, Dhammapada verse 223 states: "Overcome the angry by non-anger; overcome the wicked by goodness; overcome the miser by generosity; overcome the liar by truth."

Although there are no specific verses about monetary interest, the emphasis in Buddhism on ethical conduct, compassion, and non-exploitation provides a framework within which charging excessive interest would be seen as contrary to the teachings. Here are some passages that, while not directly addressing interest, reflect the broader ethical considerations in Buddhism:

1. Dhammapada 5:2-3:

   • "Hatred is never appeased by hatred in this world. By non-hatred alone is hatred appeased. This is a law eternal."

   • "There is an old saying that we repeat to ourselves every morning: 'Never to think a thought that would harm another.'"

2. Sigalovada Sutta (DN 31):

   • In this discourse, the Buddha advises householders on how to lead a moral and ethical life, including the proper handling of wealth. He encourages generosity, care for one's family, and fair dealings with others.

3. Cakkavatti Sutta (DN 26):

   • In this sutta, the Buddha describes the duties of a righteous ruler, which include ensuring that wealth is not accumulated through unfair means and that resources are distributed justly.

While these texts do not specifically address monetary interest, they provide a moral and ethical framework that discourages exploitative financial practices and promotes fairness, compassion, and generosity.

Buddhist scriptures don't address debt in the same way as Abrahamic religious texts do. However, Buddhist teachings do touch on related themes such as generosity, ethical conduct, and the moral consequences of one's actions. Here are some key principles and references related to debt and financial ethics in Buddhist teachings:

1. Sigalovada Sutta (Digha Nikaya 31):

   • This sutta outlines the duties of a layperson, including financial responsibilities. It advises against squandering wealth and encourages earning and spending wisely.

   • "He who is a clever and energetic person, and who is not indolent in his business, his wealth will increase like an anthill heap."

2. Dhammapada 240:

   • "He who is without blemish as a new penny, pure and clear, and who has no sin, like unto this penny, even to him there is a return of guilt, as long as he be not freed from desire."

   • While not directly about debt, this verse emphasizes the importance of living a life free from unethical desires, which can include irresponsible financial behavior.

3. Jataka Tales:

   • These stories of the Buddha's previous lives often include lessons on ethical behavior, including financial ethics. They emphasize generosity, honesty, and the consequences of one's actions.

   • For example, in the Kuddala Jataka (No. 70), a story illustrates the virtue of paying off one's debts and the merit that comes from living an honest and responsible life.

4. Cakkavatti-Sihanada Sutta (Digha Nikaya 26):

   • This sutta includes a story about a king who, when faced with economic decline and increasing crime, is advised to distribute wealth among the poor, suggesting that addressing poverty and debt can lead to social stability and prosperity.

   • "Where there is no poverty, there will be no theft."

5. Buddhist Monastic Code (Vinaya Pitaka):

   • The rules for monks and nuns include guidelines on handling money and debts, emphasizing simplicity and ethical behavior in financial matters.

   • Monastics are generally forbidden from handling money directly and are advised to live a life of renunciation and dependence on alms.

6. Advice on Generosity and Financial Responsibility:

   • Buddhist teachings frequently emphasize the importance of dana (generosity) and ethical earning and spending. While not directly addressing debt, these teachings encourage a mindful and ethical approach to financial matters.

   • "The wise man, having assessed his income, lives a life of moderate expenses. He avoids both extravagance and stinginess, recognizing that both lead to further complications and suffering."

While these references do not provide direct prescriptions on debt as seen in other religious texts, they offer guidance on ethical financial behavior, the importance of generosity, and the moral implications of one's actions, which can indirectly influence how debt is perceived and managed in a Buddhist context.