: Erdogan and Imran Khan have given the driving seat to emotion and the back seat to reason #IndiaNEWS Turkish President Recep Erdogan says his faith in Islam stops him from raising bank interest rates.

@IndiaNEWS

Posted in: #IndiaNEWS

Erdogan and Imran Khan have given the driving seat to emotion and the back seat to reason #IndiaNEWS
Turkish President Recep Erdogan says his faith in Islam stops him from raising bank interest rates. His hard-line position sent the country’s currency, lira, tumbling from one low to another. In the past three months, it has lost half its value. In spite of a partial recovery, Turks are still saddled with an inflation rate so high that supermarket employees are barely able to keep up with changing labels. But Erdogan has not 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 concluded, is haram. Historically, banking was absent in Muslim countries until the 18th century...Read more

Intraday stocks under 50 NSE India Twitter of India

Vote Up Vote Down

Login to post a comment!