On one hand RBI is talking about Sharia Banking- A different window for Muslims in Banks while on the other hand Congress is saying Banking itself is against Muslim Philosophy.
When Banking as an ideology is not enculcated in Islam then why did Islam made ‘Islamic Banking’ famously known as Sharia Banking?
— आज तक (@aajtak) November 26, 2016
Kapil Sibbal of Congress has attributed demonetization to something which is anti Muslim. According to Kapil Sibbal a Muslim doesn’t take interest on money so that’s why a Muslim doesn’t use banks.
But Mr. Kapil Sibbal needs to understand the Shariya Banking first and the start commenting on it.
Shariya Banking says “A bank can’t take interest on the loan given to a person.” When a Muslim deposits his money in the bank is he giving ‘LOAN’ to the bank? And as far as the interest that he is getting that is simply not an interest that is the return on investment.
Suppose Mohammad X has deposited 10,000 rupees in his bank account. That 10,000 was used by banks to give away the loans to other people at an interest rate of 12%. Now, the bank is the beneficiary and has earned from the money of Mohammad X. So, in return the bank gives 4% to him as the return on investment.
Nonetheless congress has always been finding the Muslim angel in any of the work done by any of the party.