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Categorized | Delhi, Featured News

‘Taking of interest is a sin in all religions’’ – Prof Zubair Hasan

Posted on 06 December 2017 by Admin_markaz

New Delhi, 19 Nov: Addressing a group discussion on the ‘’Feasibility and Viability of Alternative Interest Free Economy” organized by the Delhi-Haryana Zone of Jamaat-e-Islami Hind, noted economist Prof Zubair Hassan said that taking of interest is considered to be a sin not only in Islam but all religions. He enlightened the audience with his insights on various aspects of economics and described how in earlier times the flow of money was from the rich to the poor in the form of loans with exorbitant interest rates. He said: ’’Now times have changed and money flows from the poor to the rich as a large section of society subscribes to small savings, mutual funds and provident funds which ultimately land up with banks that invest in business fetching them huge profits’’.

Dr Waquar Anwar the event coordinator spelt out the need and objectives of the program. He said that: ‘’we wish to study the feasibility and viability of ‘’interest free’’ economy as an alternative way of evolving a system that tries to balance the needs of the market as well as the welfare needs of society. The need of an alternative economics emanates from the feeling that conventional economics has outlived its tenure and is not able to provide a just and sustainable economic system. The gulf between the real economy and financial economy has widened, institutional and sovereign debt crises are looming large. Corporate economies are over-taking national economies and future economic resources are being consumed today in an uncontrolled manner raising serious ecological concerns. Besides, deficit financing has become a norm in both family and national budgets and the growth in national incomes that should have been prompted by savings, are being financed by increasing debt with little possibility of repayment in future. The program was presided by Dr Javed Khan who said that: ‘’the last decade has seen a revivalism in the common man to seek out non-exploitive ways of accessing credit in the form of interest-free cooperative credit societies etc. The future of Islamic finance and banking is very bright and India will gain a lot in terms of FDI if it throws its doors open to Islamic banking’’.

The lively group discussion among the participants threw up a myriad of issues and problems related to the subject. Microfinance, equity financing versus debt financing, defining norms for amount of debt that one can accumulate, risk management through debt and equity, interest as an instrument of exploitation, sukuk financing and participatory banking, pros & cons of existing monetary policy, creation of money without interest, discouraging money as a tradeable commodity were some of the issues that were discussed and debated.

The program took place at the Constitution Club of India and was attended by academicians, economists, social activists and students. The program also showcased the results of a survey done within the Muslim community to find out the level of financial inclusion and also to check how Muslims were dealing with the interest accrued in their bank accounts.

Media Department

Jamaat-e-Islami Hind ( Delhi & Haryana)

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