Rabbi Ariel: ‘Banks are the Last Place to Borrow Money From’

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If you need a loan, the place to get it is at a gemach, a free loan society, that charges no interest, but may include a “usage fee,” according to Ramat Gan Chief Rabbi Yaakov Ariel. Rabbi Ariel was on the “short list” for Ashkenazic Chief Rabbi, and is considered a scholar of note by religious Jews from both the Religious Zionist and hareidi communties.

In an interview with Arutz Sheva, Rabbi Ariel discussed the mechanics of taking loans under Jewish law. According to the Torah, taking interest on loans is forbidden, and there is a good reason for that.

“The Jewish people in the Land of Israel are united, living in a single united society,” he said. “You wouldn’t charge interest if you loaned money to your son, daughter, or brother, and that must be our attitude to all Jews. We are one family and we must help each other, not take advantage of the other’s financial distress to gain wealth.”

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Posted by on Thursday, August 15th, 2013. Filed under Jewish News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.