Summary: With the current state of the economy itrsquo;s hard not to have money on the mind. Or not to wince when hearing reports of gauging by payday lenders. While, for most of us, those payday lenders seem a little like loan sharks ndash; in Islam theyrsquo;re not really allowed at all. There is a whole industry surrounding Islamic finance and banking. Itrsquo;s considered un-Islamic to practice usury ndash; or, in plain English, to charge people a lot of interest on a small loan. What payday lenders do. Usury is seen as a way for the wealthy to make money off the backs of the poor, as well as encourage selfishness and chip away at community cohesion. When it comes to personal banking, charging interest is a big no-no. Although, therersquo;s limited support for the idea that the interest generated on government bonds and regular savings accounts is okay. But, for most Muslims, any interest at all is un-Islamic. When it comes to investing, therersquo;s even an Islamic way to go there. Corporations like the Amana Fund put their money in companies that follow precepts of Islam. So, they avoid investing in companies that might sell alcohol or pork products, two things which are prohibited in Islam. Harvard University has devoted part of its Islamic Legal Studies Program to the study of Islamic finance.
