Usury
The definition of usury has evolved over time. The basic premise is that a lender charges a rate of interest that is too high. Today, the standard for usury is defined in law, but initially the practice had no formal definition. Usury was traditionally banned in Christian society, has been criticized in Indian texts, and remains banned in Islamic society. Islamic banking, for example, requires that the lender either earn money from fees, or more commonly the lender exchanges the financing for an equity share, so profit-sharing, as a means of earning money without charging interest (IIBI, 2015)
During the time of King Henry VIII, usury was defined as charging interest. The idea of paying interest was new at the time, as a means of compensating the lender for the risk associated with lending. Interest, however, was not a common concept at least in England before this time. As a result, usury was initially defined by the charging of interest (Investopedia, 2015).
Over time, interest was allowed, and the definition of usury shifted. Charging excess interest became the definition, and eventually laws were put into place that put hard numbers in place to define what was considered to be extra interest (Investopedia, 2015). Prior to...
Banking Regulation Captain -- You Do See That Blinking Light, Don't You? An apocryphal story about an unnamed navy captain goes like this. The ship in question is sailing at a not insignificant clip on a very overcast night close to shore in preparation for docking. A number of sailors who are above deck see a blinking light in the distance that clearly -- to them -- appears to be a lighthouse.
Banking Fees and Morality Integrating Values: The Legal, Moral, and Social Responsibility of the Government, the Banks, and the Consumers Legal Section Statement of Relevant Legal Principles and Rules of Law Application of Law to Topic and Legal Analysis Ethics Section Utilitarian Ethical Analysis Kantian Ethical Analysis Additional Ethical Analysis Social Responsibility Section Introduction to B. Definition of term "Social Responsibility" Application of Social Responsibility Banking fees in one form or another have existed in the United States hundreds of years, however the
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