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Turkey President Recep Erdogan says his faith in Islam stops him from raising bank interest rates. His hardline position sent the lira tumbling from one low to another; in the past three months it's lost half its value. But Erdogan hasn't budged: “As a Muslim, I will continue doing what our religion tells us. This is the command”
Command? Dear Mr President, surely as one who aspires to be a Muslim hero you have read the Quran. Therein stands the clear injunction: “Allah has permitted trade and has forbidden interest/usury” (2:275). “Forbidden” here does not mean negotiating what is low or middle or high — forbidden means zero, exactly zero. Haram is haram. This is why all early Muslim scholars rejected interest.
Many scholars still do today, particularly Arabs and Pakistanis. In 2014, the top ulema of Pakistan belonging to the Fiqhi Majlis said that even the so-called Sharia-compliant Islamic banking merely renames interest as profit and, as such, is deception. All banking, they...
Read Full Story: https://timesofindia.indiatimes.com/world/erdogan-and-imran-are-letting-emotions-run-far-ahead-of-reason/articleshow/88504515.cms
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