[Dear Readers, we received an email from Tauseef Ansari on May 1. To us it is important because the writer has expressed his opinion on Islamic Banking. We forwarded this email to Dr. Waquar Anwar, Finance Advisor to Jamaat-e-Islami Hind and also Secretary Board of Islamic Publications, which publishes Radiance Viewsweekly; Dr. Anwar has sent his response thereto. Both the email and the response are being published here for your benefit and participation in the debate. _ Editor]
TAUSEEF ANSARI’S EMAIL
“At the outset, please allow me to congratulate you for enlightening us with your tremendous work.
“While researching Islamic Banking I came across RADIANCE and some other relevant info around Islamic Banking which I would like to share with you.
“As per Economist Michael Hudson and others and as per my own research ISLAMIC BANKING is nothing but a Cover-up for CONVENTIONAL BANKING where RIBA is Hidden as FEES and CREDIT/TRADE FINANCING YOU HAVE TO PAY EXTRA in comparison to cash transaction.
https://www.nakedcapitalism.com/2017/09/islamic-finance-islamic.html
The Fictitious Economy: Hiding How the Economy Really Works
Why Michael Hudson is the World’s Best Economist
The Land Belongs to God
Finance is Not the Economy
TRUE TRADE FINANCING IN ISLAM is SIMPLY BASED ON PROFIT & LOSS and of course some things in ISLAMIC BANKING are Islamic but not everything as you are promoting!
Paper Money or Digital Money or Let us say BANKING ITSELF IS HARAM!
http://www.kashmirmonitor.in/Details/123127/contemporary-paper-currency-and-the-concept-of-money-in-islam
The Biggest Scam In The History Of Mankind – Hidden Secrets of Money 4
Money vs Currency – Hidden Secrets Of Money Ep 1 – Mike Maloney
ps
I have not yet included links from Islamic Scholars but if you would like to enlighten yourself further:
The Prohibition of Ribah in the Quran and Sunnah
http://www.imranhosein.org/books/480-the-prohibition-of-ribah-in-the-quran-and-sunnah.html
Islam and the Future of Money
http://imranhosein.org/books/103-islam-and-the-future-of-money.html”
- WAQUAR ANWAR’S RESPONSE
“We are thankful to you for your letter providing useful links that, in your opinion, prove that Islamic banking is not Islamic. I have requested editor Radiance to print your mail for the benefit of readers of the magazine. The pages of the magazine are open for this debate and discussion. You have wrongly assumed that we are promoting Islamic banking that, as you consider, is not Islamic. We welcome you to promote what you think is correct.
“I am myself author of a book on Islamic economics, published by Markazi Maktaba Islami wherein I have described the aberrations relating to the Islamic banking as practised today, calling it a misnomer. I have written this in several papers submitted in seminars. Despite that, as Secretary of Board of Islamic Publications, the publishers of Radiance Viewsweekly, I have no objection to a healthy debate on its pages on the subject that may be in disagreement with my stand-point.
“We consider all opinion holders as informed and sincere. Never consider a person having another opinion as less informed or insincere. We invite you to write your own arguments in your own language instead of providing links that others have access to already.”