Explain the following:
Lenders who gave the state credit, now began to charge
10 per cent interest on loans
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Explanation:
In the early 2nd millennium BC, since silver used in exchange for livestock or grain could not multiply of its own, the Laws of Eshnunna instituted a legal interest rate, specifically on deposits of dowry. Early Muslims called this riba, translated todayUsury is the act of lending money at an interest rate that is considered unreasonably high or that is higher than the rate permitted by law. ... Over time it evolved to mean charging excess interest, but in some religions and parts of the world charging any interest is considered illegal. as the charging of interest.
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