Indian scholar for eliminating interest from banking system From Our Correspondent FAISALABAD: Muslim scholars should collaborate and deliberate with bankers to eliminate interest from the banking system, said Indian scholar Dr Yasin Mazhar Siddique Nadvi. Addressing the Faisalabad Chamber of Commerce and Industry (FCCI) here on Tuesday, he said that Shirakat (partnership) and Mudaraba were Islamic modes of banking system but still there was a need for further research to fine tune the system in accordance to the tenets of Islam and need of the era. He said that interest was never allowed in any religion. He said that scholars and bankers should sit together and discuss workable Islamic system, which had a potential to face the emerging challenges. “There is a clear difference between profit and interest and we must have the ability to understand the delicate difference,” he added. Speaking on the occasion, FCCI president Sohail Bin Rashid said that Islam was a complete code of life. He said that despite material developments by West, the world was facing the anarchy-like situation and unluckily among most disturbed nations, Muslims were on the top. Earlier, Mufti Muhammad Tayyab introduced the Indian scholar, who is the author of 50 books on Seerat.
