The existing banking system which is based on interest is disastrous and the main reason why economies are trembling and inflation, noted Muslim scholar KhalilurRahmanSajjadNomani said on 5 June while addressing the powerloom weavers and industrialists at Malegaon in Maharashtra. Cautioning them about the danger of the system, he urged them to look for a more practical and viable alternate. “Interest is forbidden in Islam because it is disastrous and killing for the economy, and deadly especially for the poor. Refrain from using it before it pushes you to an imminent and certain catastrophe”, he urged hundreds of industrialists who mostly belonged to local textile industry.
“It doesn’t mean that Islam wants to keep you poor and poverty stricken. It wants you to flourish economically, and in every way. It wants it through inclusive growth. It believes in balanced wealth distribution. This is why it bans interest and encourages partnership,” he said.