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<p>[QUOTE=&quot;1934 Wreath Crown, post: 4463828, member: 76965&quot;]Yes, you are correct. Charging of interest is forbidden, if Islamic law is to be followed strictly. It was common practice in those days to charge an exorbitant rate (Usury) which was also frowned upon in Christianity. Hence the practice of charging interest was banned in its entirety. </p><p><br /></p><p>To overcome this, the concepts of joint-venture (Musharika) and lease or lease-purchase (Murabaha) were very well developed in Islam. While these business tools got corrupted and diluted over a period of time, they were adopted successfully by Christian (and non-Christian) banks and businesses.</p><p><br /></p><p>Regarding the issue of taking seigniorage, perhaps the initial &#039;face value&#039; of a coin would represent the generally accepted value of the base metal plus cost of manufacture but this would change over a period of time and inflation. Coins in those days, like paper money today, merely represented a value for facilitating trade and commerce and, like anywhere else in those days, coins would be earned for labor, services rendered or for the supply of produce or materials. So would rulers in an Islamic country take or be justified in taking seigniorage?&nbsp; If they followed the strict rules then I would have to say &#039;No&#039;.</p><p><br /></p><p>I don&#039;t know if that means that, in the strictest sense, paper money should not be accepted in Islamic societies even today or should have negligible value as a currency note only represents a &quot;promise to pay&quot;. Perhaps someone would enlighten me.</p><p><br /></p><p>The Mahdi in Islamic belief would translate to Redeemer. But Second Coming, I doubt very much....Second Coming of whom?[/QUOTE]</p><p><br /></p>

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