Written by Muhammad Tufail Mirza
A Lot has so far been written on interest free banking, but much of it, written by different financial institutions and economic experts, smacks of hollow appreciation and does not indicate any practical measure for the successful introduction of interest free banking.
The prevalent socio-economic system is centuries old, and in it the only incentive for the depositor of money has been saving and profit. Nobody likes to invest money unless he has a clear understanding that his investment will bring him profit. Islam denounced the evil of interest because it stood for the creation of a society which may be free from avarice and blind greed for money.
The need is to change the entire economic structure based on greed and avarice. How can it be just that the banks are allowed to invest public money in profit-yielding business and the depositors are advised not to share the profits on the ground that it is interest?
To do away with interest on money, new incentives in the shape of encouragement to small business concerns should be offered to the investors where the public may invest. The solution lies in proper and sincere planning through which a person may invest his money, and receive maximum guarantee for security and profit.
By Muhammad Tufail Mirza.
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