Unfair to Islamic Banking & Finance

By Qazi Irfan
At times the widespread illusory viewpoint of a doctrine compels other system of belief to be misinterpreted or misunderstood. Many subjects and issues related to emerging Islamic Banking & Finance (IBF) sector are seen frequently from the perspective and essentials of conventional banking and finance (CBF). The shadows of CBF are not allowing a true picture of IBF to come into view. To introduce and promulgate a differentiating line of clarity on each such stance is due on the part of IBF players and promoters. It is more than just comprehensions, the dynamics and aftermaths of conventional system have also created a difficult situation for IBF to deal with, while adhering to its own essential tenets.

Islamic Banking Is Microcredit Too???

By Zofeen Ebrahim
When Shamim Akhtar’s 20-year-old daughter developed an acute case of ulcers, last year, and had to be hospitalised, she had little choice but to approach a neighbourhood moneylender and borrow Rs 20,000 (330 US dollars). Akhtar’s husband was unemployed at that time.

At 200 percent interest, it meant that she had to pay Rs 2,000 (30 dollars) to the moneylender every month. In 18 months she had paid Rs 36,000 (600 dollars) as interest, but the principal amount she owed the moneylender remained unchanged.