In practice, Islamic banking has successfully reinvented or borrowed the entire suite of late-Middle-Ages tricks (the contractum trinius, et. al.) that Christian bankers used to get around that rule by having the exact same effect as an interest-bearing instrument, while not being one by the strict letter of the law, so it's not quite as limited as it looks.
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Date: 2007-06-29 12:52 pm (UTC)Technically, it hasn't.
In practice, Islamic banking has successfully reinvented or borrowed the entire suite of late-Middle-Ages tricks (the contractum trinius, et. al.) that Christian bankers used to get around that rule by having the exact same effect as an interest-bearing instrument, while not being one by the strict letter of the law, so it's not quite as limited as it looks.