INTEREST FREE BANKING SYSTEM
By V.M. Khaleelur Rahman
The talk about Interest free banking system is in our country since about 50 years without a solution. Some years ago Maulana Taqi Usmani sahib also addressed a meeting in Chennai on this subject. There cannot be two opinions about the fact that "riba" is prohibited in Islam and Muslims should refrain from doing things which come under this word "riba". Riba means not only interest but all forms of exploitations. This is the reason why all the past great translators of the holy Quran had given the right meaning for it as "usury". The beauty of the holy Quran is that it prohibits any exploitation in business, not only interest.
As far as the banking interest is concerned, one feels that an industry cannot be established and managed without involving interest. If a person establishes a factory getting loan from a bank on interest and gives employment opportunities to some people, it is undoubtedly laudable. We must appreciate him. We have to move with the times to be respectable citizens of the present highly materialistic world where nobody seems to care for anybody. Giving sermons is different from practising things. This apart unless an interest free banking system comes into existence, we cannot condemn the present system in the way we usually do.
It is heartening to know that many Muslims have availed bank loans and established industries giving jobs to thousands of people belonging to all communities particularly women. It is a great venture. We salute them wholeheartedly because poor people are getting benefits.
It was reported some years ago that the Saudi Arabia and other oil rich countries had invested billions of dollars in the American and other banks and are not getting any interest and the banks use these interest amounts for their own purposes – right or wrong. How far can this be right according to Islamic principles?
I heard the speech of Maulana Taqi Usmani sahib. It was thought provoking. We have all respect for him and his thoughts based on the holy Quran and Ahaadees even though many conferences of ulema on this subject had resolved to present the issue in a different way considering the time we are living in and where an interest free banking system is not available.
To the question asked by a legislator "if a Muslim student can avail loan given by banks for seeking education", there was no reply at all. All this shows that nobody thinks of the have nots who have no other go except to avail bank loans for education and business purposes. We should understand that even well to do non-Muslims avail bank loans for educational and other purposes for the obvious reasons. Where do we stand in this regard?
We all know that the loans availed by farmers were pardoned several times in different states of the country by the state governments and even the union government some years ago. There were reports of Muslim farmers having suffered heavy losses due to their inability or aversion to get loans in states like U.P., M.P., Bihar etc.
How long should Indian Muslims wait to see Interest free banking system in our country? Quite a large sum of money is spent trying to get this.
There is an urgent need for the community particularly Ulama to discuss Bank Loan interest issue seriously arrive at a conclusion and guide the community in the present difficult times so that more and more people throughout the country may progress and prosper in educational and industrial arenas and benefit the people by providing employment opportunities.
By V.M. Khaleelur Rahman
The talk about Interest free banking system is in our country since about 50 years without a solution. Some years ago Maulana Taqi Usmani sahib also addressed a meeting in Chennai on this subject. There cannot be two opinions about the fact that "riba" is prohibited in Islam and Muslims should refrain from doing things which come under this word "riba". Riba means not only interest but all forms of exploitations. This is the reason why all the past great translators of the holy Quran had given the right meaning for it as "usury". The beauty of the holy Quran is that it prohibits any exploitation in business, not only interest.
As far as the banking interest is concerned, one feels that an industry cannot be established and managed without involving interest. If a person establishes a factory getting loan from a bank on interest and gives employment opportunities to some people, it is undoubtedly laudable. We must appreciate him. We have to move with the times to be respectable citizens of the present highly materialistic world where nobody seems to care for anybody. Giving sermons is different from practising things. This apart unless an interest free banking system comes into existence, we cannot condemn the present system in the way we usually do.
It is heartening to know that many Muslims have availed bank loans and established industries giving jobs to thousands of people belonging to all communities particularly women. It is a great venture. We salute them wholeheartedly because poor people are getting benefits.
It was reported some years ago that the Saudi Arabia and other oil rich countries had invested billions of dollars in the American and other banks and are not getting any interest and the banks use these interest amounts for their own purposes – right or wrong. How far can this be right according to Islamic principles?
I heard the speech of Maulana Taqi Usmani sahib. It was thought provoking. We have all respect for him and his thoughts based on the holy Quran and Ahaadees even though many conferences of ulema on this subject had resolved to present the issue in a different way considering the time we are living in and where an interest free banking system is not available.
To the question asked by a legislator "if a Muslim student can avail loan given by banks for seeking education", there was no reply at all. All this shows that nobody thinks of the have nots who have no other go except to avail bank loans for education and business purposes. We should understand that even well to do non-Muslims avail bank loans for educational and other purposes for the obvious reasons. Where do we stand in this regard?
We all know that the loans availed by farmers were pardoned several times in different states of the country by the state governments and even the union government some years ago. There were reports of Muslim farmers having suffered heavy losses due to their inability or aversion to get loans in states like U.P., M.P., Bihar etc.
How long should Indian Muslims wait to see Interest free banking system in our country? Quite a large sum of money is spent trying to get this.
There is an urgent need for the community particularly Ulama to discuss Bank Loan interest issue seriously arrive at a conclusion and guide the community in the present difficult times so that more and more people throughout the country may progress and prosper in educational and industrial arenas and benefit the people by providing employment opportunities.
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