Islamic economics
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A recent article on Al Jazeera :
‘Islamic halal investment and why is it on the rise?
https://www.aljazeera.com/news/2024/3/28/what-is-islamic-and-halal-investment-is-it-on-the-rise
(I seem to find only two article in the SS speaking of ‘Islamic banking’ ( issues no-1257-may-2009 and no-1306-june-2013 ), and no substantive references in the Forum.)
Lack of mention would be partly because there’s not a lot to say from a Marxist perspective: Islamic finance is still imposing a price of money, the same as interest, and it is just a division of surplus value.
“Since interest is merely a part of profit paid, according to our earlier assumption, by the industrial capitalist to the money-capitalist, the maximum limit of interest is the profit itself, in which case the portion pocketed by the productive capitalist would = 0. Aside from exceptional cases, in which interest might actually be larger than profit, but then could not be paid out of the profit, one might consider as the maximum limit of interest the total profit minus the portion (to be subsequently analysed) which resolves itself into wages of superintendence. The minimum limit of interest is altogether indeterminable. It may fall to any low. Yet in that case there will always be counteracting influences to raise it again above this relative minimum.”
https://www.marxists.org/archive/marx/works/1894-c3/ch22.htm
There are some very old and traditional forms of Islamic lending at profit which get round the no interest principle, but in practice, they are still a price of borrowing.
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