• Smart Investing

The Bible Bans a Financial Practice That You Do Everyday.


Did you know that, according the Bible, you are not allowed to sit where a menstruating woman has sat? Also, you can’t mention the name of other gods either – so if you mentioned you were going to see a movie with Thor, you were breaking the rules laid down in the Bible. But there is also something related to finance you do ever day – charge interest.

The Bible says:

Exodus 22:24 (25)—If thou lend money to any of My people, even to the poor with thee, thou shalt not be to him as a creditor; neither shall ye lay upon him interest.

In fact, for long periods of history, it was a serious crime to be guilty of charging interest. Since people were not eager to lend money without interest, they worked out ways to get a return on an investment, without actually charging interest. For example, if someone wanted to buy a home, the current owner or a third party would rent the home over a period of time and then sell the home at an agreed (low) price at the end of the rental period. The owner would get the equivalent of interest through the rental fee. Many Muslims still practice this approach as Sharia Law continues to prohibits paying or collecting interest.

So, if you've had a mortgage, got a car loan or even received interest on your savings account or GIC, you are breaking the rules laid down in the Bible.

Oh and don’t wear clothes made of both linen and wool – that’s not allowed either.


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©2020 BY SMART INVESTING FOR CANADIANS

All articles herein are presented as an educational resource and should not be considered as professional financial or individualized investment advice. Readers should always exercise their own judgement when making any decisions about their money.

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