Interest

This entry explores the historical development, definition, and theological approaches to interest. Throughout history, interest has been defined in various ways. When analyzing the concept etymologically in different languages, the words used for interest are generally derived from the same root words, such as surplus, increase, multiplication, and excess, reflecting the actual increase in debt relations. Defining interest in accordance with economic and legal conditions is challenging due to the cultural fabric of each society. In societies where religious arguments shape social life, interest is often viewed negatively on moral grounds, and some attempt to prohibit it. Abrahamic religions consider interest morally negative. In Judaism, interest is compared to a snake bite that poisons the economic life of a society. Early Christianity saw interest as a means of exploitation and prohibited it, a view that was upheld during the Scholastic period. The concept of interest has been viewed differently throughout history. However, with the industrial revolution, the need for financial capital increased, leading to more frequent arguments to end the prohibition. As the clergy’s jurisprudence was shaped according to economic demands, the ban on interest was lifted. Consequently, interest, which had become a natural component of economic life, was redefined.