Word: hayeses
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Harvard Business School (HBS)'s Schiff Professor of Investment Banking Samuel L. Hayes III, who chaired Monday's meeting, said Islamic financial principles dictate treating others fairly, which includes not charging interest.
"It is very much of a kind of community spirit which is involved in Islam and this was of course all formulated back in the seventh century, when trade was very simple and not at all well developed," said Hayes. "...There were abuses taking place which the prophet [Mohammed], himself...
Hayes said many financial questions lack a consensus in the Islamic world. For example, limits on investments vary from country to country and even from bank to bank.
Part of the problem for modern interpreters, Hayes said, is that the Sharia explains economic rules through seventh-century parables.
"All of the contracts and remedies are framed in terms of a bushel of wheat, or a camel, the offspring of a camel and a load of dates--everything is stated in those terms, which we now are trying to make relevant and into feasible financing arrangements for...modern investors...