The comments of R. Seetharaman, chief executive officer of Doha Bank (Micro sector fit for Islamic financing, Deccan Chronicle dated 16 January 2009) are worthy of consideration and implementation. Islamic financing is not exploitative in nature as in the case of the 40 per cent interest charged by banks for credit card users. Reports of a large number of such users being in deep trouble unable to pay their dues is the result of a system which is based on legal and not practical grounds. Of course the defaulters are also equally guilty. There needs to be some serious thinking about this state of affairs. The welfare of the people should be dearer to rulers.
If an Islamic banking system is introduced along with the existing one, we can attract big investments from oil rich as well as other countries as the CEO has explained so convincingly. The undersigned had written an article sometime ago in the Financial Express about the necessity of having atleast a counter for interest free banking system in our country.
Saturday, 17 January 2009
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