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Can the Humanity live with No Interest & Low Interest Banking in the World?

Reader comment on item: Islamic Economics: What Does It Mean?
in response to reader comment: Vatican supports Islamic Banking

Submitted by Mohammad, CPA (Bangladesh), Aug 23, 2010 at 22:32

The Interest is called Riba= Usury in the Holy Quan and has been made forbedden for the entire Humanity.

What is Riba= Usury? It is a Money lending Business by some Greedy people in the Past & also Present day. Usually & Alaways they charge a Very High Rate of Interest to the Borrowers, say at 1%5%,20%,30%,40%,50% or more per Month. Is it justified, Fair & Just to charge such High Rate of Interest? Is it in favor or Against the Humanity & our good Conscience?

In view of the Modern Business, Commerce & Industry, I do propose a very Moderate Rate of Interest for the Banks. The Banks must do the Business and allow the present Economy to flowrish in the Most normal and usual course. The Banks or any Business houses can not offer Free Services to all in the World. In order to survive as a Commercial & Business Venture, they must earn and make Money/ Income to operate and sustain in such Ventures.

So if the Banks charge 1%, 2%, 3%, Maximum 5% Interest to ther Clients/ Customers, then they can offer Half the Interest to the Depositors i.e. say 0.5%, 1%,1.5% Maximum 2.5%. In some cases, Banks & Depositors can accept Even Zero % Interest too.

Can we then make a Happy & Properous World Economy ? How the readers like the proposal?

Thanks & Cheers .


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