Islamic banking in the Indian context

When an economy is based on interest, holders of money are disproportionately influential. The role of human activity is lessened. The Islamic outlook to economic life, contrastingly, is one in which both the role of human efforts and the role of financing are equally significant. Sadly, the Ulama of the world have not been able to demonstrate why interest is forbidden in al-Qur'an. At this point, few people discuss the injustices of the institution of interest. The Ulema ought to show how riba is detrimental to the society, rather than limiting their speech to the ideas of halal and haram. The intelligentsia ought to examine the interest-free system with an open mind and look at its strengths. If the system is promoted on these strengths without any link to religion, the idea will be welcomed. In the atmosphere of a near-failure of the world banking system, profit sharing ventures are coming into use. These ventures are quite similar to the Islamic outlook. In the Islamic a