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View Diary: Debtors' Prisons. They're Back. (28 comments)

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  •  Debtors' prisons are routine in the Arab World (1+ / 0-)
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    jpmassar

    In most Arab League countries*, if you or a business you own becomes insolvent, and a creditor seeks payment, you are thrown into jail until you and the creditor(s) reach agreement or your term is served. Bankruptcy is a crime, and you may be convicted of bankruptcy.  (*The only exception I know of is Lebanon.)

    This has nothing to do with Islam or shariah, btw. (If anything, in theory shariah should preference equity over debt, but in practice much of shariah banking is basically the same as other banking.)

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