I was recently asked my opinion on Islamic banking. I know next to nothing about that. I am told that it is against Islamic principles to charge interest on loans. As a liberal, I take the position that people ought to be free to do whatever they want with their property. They should be free to lend their money at whatever interest they want (including zero interest or a million percent interest.) The only condition is that there must be no coercion involved.
Therefore, anyone who is handing out interest free loans out of their own wealth will find a willing borrower in me. Although it is obvious that giving out interest-free loans is an idiotic thing to do, I don’t believe it is anyone’s business to force people to avoid folly.
