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Islamic and Jewish Perspectives on Interest
Joel S. Newman Wake Forest University - School of Law Tax Notes, Vol. 89, No. 10, 2000 Wake Forest Univ. Legal Studies Paper No. 1090865 Abstract: The payment and receipt of interest is a violation of both Islamic and Jewish law. Yet, one cannot function without borrowing money, and one must pay for the privilege of doing so. Both Islamic and Jewish law have derived ways to allow payments which substitute for interest, without violating their respective religious precepts. This piece analyzes how IRS should view such transactions.
Keywords: Islam, Judaism, interest, taxation JEL Classifications: H20 Accepted Paper SeriesDate posted: February 06, 2008 ; Last revised: February 13, 2008Suggested CitationContact Information
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