By the way, if you’ll note in the last paragraph of the paper, the author notes that muslims were using put/call parity to create mortgages back when the paper was published, in 2004.

There is an ongoing split within Islamic economics over these
matters. Thus, the Islamic Development Bank, founded by Emir
Muhammed ibn Faisal ibn Abdulaziz al Sa’ud, and the fountainhead
of the modern Islamic banking movement (now operative in over
60 countries), allows for 18 different forms of financial
contracts that supposedly avoid the forbidden “riba” (literally,
“increase”). These vary in the degree they involve profit-
sharing, as they are supposed to in theory but then become
subject to principal-agent problems as debtors obfuscate
about their costs and thus lower the profits to be shared,
and forms that more nearly resemble standard interest but
with some form of window dressing to make them look like
profit-sharing. These latter have tended to predominate
over time in actually existing Islamic banks that are successful.

However, there are Islamic economists who denounce these
latter forms, seeing through them to the fact that they really
do involve interest. M. Umer Chopra, a Pakistani who works
for SAMA, the Saudian Arabian Monetary Authority, has been one
of the most prominent of these, writing several several books
that make such points. He effectively argues that the principal-
agent problem arises from parties being insufficiently good
Muslims, and so that what is needed is a thorough-going Islamic
revolution to change the underlying behavior of people, thereby
bringing about the possibility of fully riba-free finance. An
example of this argument can be found in Chapra’s _Islam and
the Economic Challenge_, 1992, Leicester, UK: Islamic Foundation.

An opponent of this view is Timur Kuran, _Islam and Mammon: The
Economic Predicaments of Islamism_, 2004, Princeton University Press.
He argues that in fact in the Qu’ran, “riba” specifically referred
only to a particular form of lending practices in which the principal
of a debt would be doubled if a debtor failed to make payments on
time. This form of widely used financial practice in a pre-industrial
era with monopolistic money-lenders often led not only to people
losing their land, but in their eventually becoming enslaved. It is
not surprising that a promulgator of moral codes of such a society
who was also a practicing merchant, such as the Prophet Muhammed,
might find such practices evil, and the language in which they are
denounced in the Qur’an is indeed spectacular in its fire and
brimstone invocations of damnation of the guilty, who are really
going to get it in the hereafter big time. However, according to
Kuran and some other scholars, this view was distorted in later
interpretations that declared that it implied a forbidding of all
forms of interest. In practice, of course, actually existing
Islamic financial practices have long managed to elide these
prohibitions by means of one method or another.

My favorite medieval Italian method of circumventing the usury law, although certainly not the most elegant, was that of the late payment fee. The law allowed loan contracts to specify a late payment fee, and creditors strongly hinted to their borrowers that if they wanted to borrow again in the future, they would be well advised to pay late.

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