It is shameful if some people with Muslim names suggest that interest free banking is not need of the hour but a refinement over normal life. Normal life to them means leaving peacefully enjoying all the worldly things. To them this life is the only life.
Secondly, what the micro or mAcro credit the interst banking offers needs something to get credit. In fact it is the person who takes credit pays though he has to show some credit before getting the so called credit. Take a case of housing. I buy a house taking loan at at the rate of 1/10 of the loan amount with a gurantee that I had paid atleast 10% of the cost before hand and another gurantee is that I would be paying the principal and interest as EMI. Now, if I fail to pay few EMIs as has happened in many modern economies as happened recently, all my moeny goes to the bank and they get the house as well. It is a sure good-good for the bank while I am always at the receiving end. If this is credit then why to have this while what we truly get is sin and not more than that. The sad thing is that majority of Muslims who seem to practice Islam viz Namaaz, Rozah, Zakaat think that taking loan is permissible because of many reasons viz non availability of alternate options, that it is not being taken from a private moneylender or it is impeding their progress.
It is upto individual to take the way of sins or be pious. Opposing interest free banking or stonewalling demand for its is bigger sinner. Nobdoy is asking interest banking walas to shut shop. Human courtesy and democratic system too gurantees that one need not attack other system if it is not interfering in existing affairs.

Hope Mr Singh understands this contention of Muslims. If Shoeb want to borrow on interst he is free. Both of you cannot ask why they want interest free banking or 'priorities' because there are many who have access to govt money and are practising their own priorities. Muslims are not asking anything from govt (anyway things should have been coming but they never come) but allowing a trasparent system within the limits. If one claims that interst banking is the only option available it would amount to compulsion in religion and denial of freedom of faith. Have the constitution or your own wish. You cant have your cake and eat it too. Morons!!

I am happy someone is utilising his brainpower. He is utilising because he possess it.No community could develop without going into the research & development of the future prospects. The present functioning of commercial banks is not inclusive and widenning the gap between the haves and havenots because of its lending policies.The overwhelming policy of Interest rate and Collateral seeking must be looked into and should be made mojority friendly.
The details of alternative system of financial services would be discussed in the conference so if want to know attend the conference.

T D Humble
tdhumble@yahoo.com

I always wonder about the prioority of some of these Muslim leaders. This is like emperor Nero who played his fiddle while Rome was burning.

Is having/not having Islamic Bank the most important item facing Muslims?

Couldnt this brainpower that is assembling be used for other pressing issues - for example, population growth in Malappuram compared to other districts, lower ranking of Malappuranm in all social metrics published by the Govt of Kerala, coaching of Muslim students to get admission in premier educational institutions, vocational education etc.

Islamic BAnk is not going to make the life of a poor Muslim boy/girl. It is the education that will change the playfield