Interest Free Banking

islamic banking is fine as long as it is not the only game in town

it`s as much a bankrupt idea -- as an Islamic government, Islamic justice, Islamic army, Islamic police, Islamic war, Islamic railway, Islamic airline, , Islamic resteraunt, Islamic latrine Islamic this and Islamic that --

it is one of the most dangerous ideas -- because it will really bankrupt --the already economically bankrupt Muslims -- if they practice it HONESTLY -- which luckily (khuda ka shukre hai) -- they don`t.

Who says ``interest free banking`` is not possible? Have you not heard of a sex-free marriage? If that is possible, so is interest free banking.

...SR

I think this is an informative article, although one ``islamic financial instrument`` (modharaba`s) is for some reason left out - there are a number of modharaba`s in Pakistan, and even an association.
While there may be examples of ``successful islamic banking transactions``, as Banker indicates, I think the mixing of religious dogma with economics will only do to the pakistan economy what the mixing of religious dogma has done to the judicial system and the political system in pakistan - viz., fuk it up.

Mr. Shahzad Kazi, I believe u have not the slightest idea about the practical working of the interest free banking. Though I work in the interest based bank, however, I can confiently say that Islamic Banking in Pakistan has come to stay.

Al Baraka bank has been carrying it out for number of years. Recently we have the locally incorporated Meezan Bank which is going full force in Islamic Banking. Even such banks as MCB have done two morabaha transactions involving shipbreaking.

I suggest you should read more on Islamic Banking. I recommend two websites Islamic-finance.net and Meezanbank.com.

Tell me, was this article written just to be a feather in your cap.