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Published in the 16-28 Feb 2005 print edition of MG; send me the print edition


Muslims, understand finance

The Milli Gazette Online

Muslims all over the world have a misconception about interest and finances. Nobody in the community has woken up to give right guidance on interest free banking or interest free investments. The so-called scholars are only misguiding the whole community about interest. For example, In India at this time the Inflation is 7.5% which means if a Muslim has 100 rupees in his pocket, if he does not use it then it reduces by 7.5 rupees and becomes 92.50, so is he paying an interest of 7.5% per annum. Whether it is accepted or not, indirectly he is paying through his government. Muslims should understand the concept of Finance and how it is related to their government and administration. So Muslims should start working on the conventional banking principles atleast to beat inflation and save their principal. Else the 100 rupees after 15 years will become zero. Thanks to the idelogies of illiterate preachers who do not even understand their obligations towards their respective governments.

Asif Iqbal, Derivatives Analyst, Paris

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