Hyderabad: Interest system is the root cause of all economic problems and world economic crisis hence Interest-free loan is the only solution for this. Islamic Banking and Financing service has become popular in the entire world. Reserve Bank of India has also directed all the banks to introduce Islamic Banking however it is not implemented yet.
These views were expressed by noted economists Mr. Mr. Khatkhate in a press conference here.
Dr. Shariq Nisar, Mr. Tanveer Ahmed (Rehbar Financial Consultants, Bangalore, MS Shabbir Managing Director Sen Sage Financial Service Pvt. Ltd. and Mufti Taufeeq Mansoor Mazahari member Sharia Board were also president on the occasion.
Mr. MS Shabbir told that Muslims were cheated a lot in the past in the name of Halal profit and interest-free business, hence he advised investors to investigate before investing whether the business of the company in which they are investing is as per the norms of local business or not.