INTEREST FREE BANKING ACHIEVABLE THROUGH COLLECTIVE EFFORTS With Islamic Banking trending even in the West than to talk of the Middle-East alone, a prominent Indian scholar Sunday said public awareness was vital to introduce the interest-free banking in the country. “Public awareness is a must. We need to clarify. It’s not any clergy-driven system but a practical way of banking which has been successful world over,” Moulana Khalil Ur Rehman Sajjad Naumani, who is on a visit to Srinagar said during an interaction with the people from various walks of life including academicians, bureaucrats, professionals and students. “The proposed Interest-free banking is not a prescription for the Muslim population alone but the entire human race as it aims at larger public good through a just financial system unlike the interest based banking that benefits only a handful of business tycoons who become richer and the majority poor become poorer with every passing day,” added Naumani. He went on to explain the “pitfalls in interest based banking saying that the industrialists, people in production industry and trading pass the buck by adding the interest chargeable by banks on the cost of production the brunt of which again has to be borne by the Aam Janta including millions of small depositors!” Some of the leading countries including England where the Muslim population is mere 2% have accepted the Shariat-compliant banking. greaterkashmir/news/2013/Jun/24/-interest-free-banking-achievable-through-collective-efforts--65.asp
Posted on: Mon, 24 Jun 2013 05:51:08 +0000
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