By K. Buhary
When the whole world is trying to go for Interest Free Banking System (similar to Islamic Banking), a report published in The Economic Times dated November 23, 2012 says that the Interest Free Loan system is not at all possible in India.
Please do not look at the Interest Free Banking system on a religious concept. Instead let us take it as a humanitarian concept. Also it is the timely need of the poor, depressed, downtrodden and ordinary lay men of the world, particularly for countries like India. Interest Free Banking system will be more beneficial to those self respecting poor people.
The difference between interest free banking system and Islamic banking systems are: Islamic banking system will not allow investment in liquor, gambling or any other unethical business, whereas the non Islamic bank allows all kind of quick money making ventures. Not only Muslims but all other religious groups also can make use of this interest free banking systems under the RBI’s strict controls and regulations..
In a secular and democratic country like India, the banking system must benefit all the people of the country irrespective of rich or poor. That is why our late Prime Minister Mrs. Indira Gandhi boldly nationalized all banks despite the strong oppositions. I think if the Interest Free Banking system is not implemented in India, Mrs. Indira Gandhi’s vision of helping the poor by nationalizing the banks is not at all completed.
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Bank is a public office and it has to be utilized by all. Because of the interest system, the poor people are afraid of the interest and never entered into a bank premises during their lifetime. The evidence is that why only 18% people in India is able to have their own bank account today. It is very unfortunate that our present banking system is not at all a poor friendly one.
Exorbitant interest of 100% per month for a loan of Rs.100
Above all that the Interest Free Banking is a divine concept and Interest Based Banking concept is a “greedy” concept of men. That is why rich is becoming richer and poor is becoming poorer in India. Recently Malai Malar a leading Tamil Daily report that exorbitant interest of 100% per month for a loan of Rs.100.
Why Muslims Hate Interest?
After sixty years of the Indian Independence, 13% of Indian Muslims are living in a pathetic conditions according to Sachar Report. Muslims are living in a below poverty level comparing with both ST and SC communities. Interest Free Banking is a successful banking system throughout the world. That is why we humbly request you to fulfill the need of 13% of Indian Muslims to have their own banking system? Our constitution is also supporting the minority’s rights. Whatever the case may be, Government of India is not going to invest into Islamic banking because it is a self financing system and let the investors take the risk, if any. Let it be a Government and Private partnership programme with 100% Muslims investment.
To remove poverty and make economic upliftment of India, we have to take major steps to amend the present interest system which is originated by the Jews from time memorial. We read about Shylock who was cruel and bloodthirsty Jew. Rothschild is the one who introduced the interest based banking system to widen the gap between the rich and poor. Italy was also interest free for more than 200 years which is also sabotaged by the Jewish Lobby’s interest based banking system of blood sucking.
Poverty and crime rate in the country goes side by side and spoiling the future of India.
Indeed our Indian economy is doing good but because of not allowing the poor masses to enjoy the benefits of our economic successes and developments, Indians are still poor. Interest based banking system helps those who are already rich and not the poor. I think this is the right time for the Government of India to take certain bold economic steps towards alleviating the poverty of the poor Indians. That is why our late Prime Minister Rajiv Gandhi once said that only about 15% of any money slated for a social welfare project actually got spent on it; the rest got siphoned off in various directions. The figure of 15% was later revised downwards by commentators to 5%.
While holding such a top job as Prime Minister and No. 1 authority of India, why Mr. Rajiv Gandhi said this so openly and boldly? His fear was right and even today we have failed his mission of removing poverty in India. We wonder who is going to fulfill Mr. Rajiv’s dream?
It has been proved beyond doubt that the interest free banking systems in Japan, US, Germany, Malaysia, Sri Lanka and throughout Gulf countries are successful. . To know more please read Encl: 4 Global Islamic assets are expected to reach $ 1.8 trillion by 2013.
That is why they are continuously expanding their banking businesses.
When the world bank itself is giving loan at the interest rate of 4.5 % why should we charge 10+ percent? Approximately 10 years before, when The World Bank gave 50 billion dollars loan to South America, they have received 70 billion dollars as interest only for a period of 20 years. In the same way the interest is killing even the poor and downtrodden as well. How do we expect a poor will be able to repay his loan plus heavy interest? Impossible!. So adding interest is always a pain whether it is a short period or long period. Hence development of interest free society is the need of the hour to India. Whenever a poor man get a small loan, the cream of his profit and efforts goes to the lender instead of the person who made all efforts to make some money for his survival.
Whenever I see a poor man or woman waiting in a queue to get a quick temporary loan from a money lender (pawn broker) at an exorbitant interest rate, I feel so sad. The money lender will not ask for audited accounts except some household utensils of gold or silver. The lender is comfortably sitting in his shop without sweating whereas the poor men and women work like anything. The deal will be over within 5 to 10 minutes time. What a shame!
Thanks to the Aadhaar which I think is a miracle cure. With the strict control of Aadhaar, I am sure that we will be able to alleviate the poverty as early as possible. An expert told me that the benefits of Aadhaar will be unbelievable and make India a great country before 2020.
Also I want to express my thanks to the current steps being taken by the Government to make banking formalities so simple and easy. I hope this move is a No.1 strategy to alleviate poverty in India. This will make the poor and innocent downtrodden to get the benefits directly from the Government without any middle men involvement.
Brazil and Argentina are naturally rich countries. They are also paying huge amount towards interest continuously and incurring heavy burden of paying huge amount towards interest. As a result, today their economy is going down day by day. India has to learn a good lesson from their experience.
But in the case of individual borrowing, the problem of repaying is very difficult. Whenever we take a loan from some one, we have lost part of our freedom. Hence poor Indians are trying to plead the so called Bank Managers as their bosses. Mr. P. Chidambaram rightly said that to take a loan of Rs.100 crores, the Bank managers are visiting the corporate whereas the poor public or students for educational loan of 2 to 3 lakhs, they have to visit the bank managers a number of times. He is also reiterates that there should not be any unlawful methods to collection of loans such as sending Rowdies and collect the loan from the poor and to behave sympathetically. Also he advice not to give any concessions for those who received crores and crores of rupees as loan. Thousands and thousands of students are benefitting because of Mr. P. Chidambaram’s support for Educational loans. We are sure that will produce a good number of additional educated youth so that India can prosper and will yield good result for the future India.
Please study carefully the interest based banking versus the Islamic interest free system with an open mind. I am aware that tones of statistics and documents evidences have been submitted to Reserve Bank of India and Government of India to prove how successful and practical that the interest free banking system.
Instead of sincerely finding solutions for the poor, we are beating around the bush again and again. Our neighbouring countries like Malaysia, Sri Lanka and Gulf countries are the best proof and we don’t have to re-invent the wheel once again.
Why people commit suicide in India?
Whenever we watch TV or reading newspapers, we see a number of suicide cases of entire family. It is due to the exorbitant interest rates which is the root cause of such mass suicides of “self respecting” farmers and common men and women. Times of India dated 19-12-2012 reports “Debt, crop loss force farmer to kill self”. Like this we see daily reports both in dailies and TVs, a number of reported suicide cases throughout India.
Whenever the inability of a father or mother who is under pressure to repay the exorbitant interest is forcing the head of the family to commit suicide. Under pressure the borrower is helpless and attempting suicide 100 times every day and he wishes that he didn’t exists.
He cannot face his own wife and children properly with honour who has been hunted by the pawn broker (lender). He cannot look at their eyes. The children are also upset when they see their father is chased by the lender. Free the loop around the neck of the borrower. Use the portion of the Charity (zakath) to save the free the robe of the noose tied around his neck. Believe me that most of the suicides today are related to exorbitant interest rates from the unethical lenders. I strongly believe the solution is within our reach. Please look once again how we can implement Interest Free banking (not an Islamic Interest Free banking).
In reality the poor is not at all committing suicide. Only interest and the greedy pawn brokers are killing the poor.
If there is an Interest Free Banking system in India, it is good for the Indian economy because the Government is not investing except strictly monitoring the process. Like the FDI, we can allow Interest Free Banking also. If Kerala alone can bring Rs.4,500 crores, what about the other states who can attract crores and crores of foreign investment into India. So unnecessarily India is loosing huge amount of foreign investment every year.
It is my humble request that RBI Governor D. Subbarao should look into the possibilities of establishing an Interest Free Banking system under your leadership. Laws are made to make the masses to live peacefully. Please remember only financial burden which is making them to commit suicide or live in poverty. Few years before there was prohibition in Tamilnadu and today the liquor business is flourishing and promoted by the Tamil Nadu Government. When laws are changing like this over night, why we are trying to following the inhuman Jewish Banking system and punishing the poorest of poor. I humbly believe that we have no right to deprive the poor and down trodden fellow Indians to lead a poverty striking pathetic life until his death.
I strongly believe that the duty of RBI is not only control and correct the Indian economy but also safeguarding the lives of millions of poverty stricken poor Indians.
I pray and wish that you must see an Interest Free Banking system (a secular and not an Islamic Interest Free Banking system) to benefit the poor while you are in office as early as possible.
Whichever political parties who think seriously for their vote banks, must use this issue of allowing Interest Free Banking opportunity focusing for their next election.
This issue should be looked into seriously with an open mind and find an out of the box solution so that our country will prosper. I hope that “let us walk with an end in mind” with a time frame to bring an Interest Free Banking System to India.
If you need any further information, please do not hesitate to contact me.
Thanking you once again for your kindness to read such a long appeal.
[K. Buharyis a Management Consultant. He lives at F4/226, 4th Main Road, SIDCO Nagar, Villivakkam, Chennai 600 049, Tamil Nadu. He can be contacted on his Mobile # (0)9444089331 or at greenbuhary@gmail.com]
When the whole world is trying to go for Interest Free Banking System (similar to Islamic Banking), a report published in The Economic Times dated November 23, 2012 says that the Interest Free Loan system is not at all possible in India.
Please do not look at the Interest Free Banking system on a religious concept. Instead let us take it as a humanitarian concept. Also it is the timely need of the poor, depressed, downtrodden and ordinary lay men of the world, particularly for countries like India. Interest Free Banking system will be more beneficial to those self respecting poor people.
The difference between interest free banking system and Islamic banking systems are: Islamic banking system will not allow investment in liquor, gambling or any other unethical business, whereas the non Islamic bank allows all kind of quick money making ventures. Not only Muslims but all other religious groups also can make use of this interest free banking systems under the RBI’s strict controls and regulations..
In a secular and democratic country like India, the banking system must benefit all the people of the country irrespective of rich or poor. That is why our late Prime Minister Mrs. Indira Gandhi boldly nationalized all banks despite the strong oppositions. I think if the Interest Free Banking system is not implemented in India, Mrs. Indira Gandhi’s vision of helping the poor by nationalizing the banks is not at all completed.
Exorbitant interest of 100% per month for a loan of Rs.100
Above all that the Interest Free Banking is a divine concept and Interest Based Banking concept is a “greedy” concept of men. That is why rich is becoming richer and poor is becoming poorer in India. Recently Malai Malar a leading Tamil Daily report that exorbitant interest of 100% per month for a loan of Rs.100.
Why Muslims Hate Interest?
After sixty years of the Indian Independence, 13% of Indian Muslims are living in a pathetic conditions according to Sachar Report. Muslims are living in a below poverty level comparing with both ST and SC communities. Interest Free Banking is a successful banking system throughout the world. That is why we humbly request you to fulfill the need of 13% of Indian Muslims to have their own banking system? Our constitution is also supporting the minority’s rights. Whatever the case may be, Government of India is not going to invest into Islamic banking because it is a self financing system and let the investors take the risk, if any. Let it be a Government and Private partnership programme with 100% Muslims investment.
To remove poverty and make economic upliftment of India, we have to take major steps to amend the present interest system which is originated by the Jews from time memorial. We read about Shylock who was cruel and bloodthirsty Jew. Rothschild is the one who introduced the interest based banking system to widen the gap between the rich and poor. Italy was also interest free for more than 200 years which is also sabotaged by the Jewish Lobby’s interest based banking system of blood sucking.
Poverty and crime rate in the country goes side by side and spoiling the future of India.
Indeed our Indian economy is doing good but because of not allowing the poor masses to enjoy the benefits of our economic successes and developments, Indians are still poor. Interest based banking system helps those who are already rich and not the poor. I think this is the right time for the Government of India to take certain bold economic steps towards alleviating the poverty of the poor Indians. That is why our late Prime Minister Rajiv Gandhi once said that only about 15% of any money slated for a social welfare project actually got spent on it; the rest got siphoned off in various directions. The figure of 15% was later revised downwards by commentators to 5%.
While holding such a top job as Prime Minister and No. 1 authority of India, why Mr. Rajiv Gandhi said this so openly and boldly? His fear was right and even today we have failed his mission of removing poverty in India. We wonder who is going to fulfill Mr. Rajiv’s dream?
It has been proved beyond doubt that the interest free banking systems in Japan, US, Germany, Malaysia, Sri Lanka and throughout Gulf countries are successful. . To know more please read Encl: 4 Global Islamic assets are expected to reach $ 1.8 trillion by 2013.
That is why they are continuously expanding their banking businesses.
When the world bank itself is giving loan at the interest rate of 4.5 % why should we charge 10+ percent? Approximately 10 years before, when The World Bank gave 50 billion dollars loan to South America, they have received 70 billion dollars as interest only for a period of 20 years. In the same way the interest is killing even the poor and downtrodden as well. How do we expect a poor will be able to repay his loan plus heavy interest? Impossible!. So adding interest is always a pain whether it is a short period or long period. Hence development of interest free society is the need of the hour to India. Whenever a poor man get a small loan, the cream of his profit and efforts goes to the lender instead of the person who made all efforts to make some money for his survival.
Whenever I see a poor man or woman waiting in a queue to get a quick temporary loan from a money lender (pawn broker) at an exorbitant interest rate, I feel so sad. The money lender will not ask for audited accounts except some household utensils of gold or silver. The lender is comfortably sitting in his shop without sweating whereas the poor men and women work like anything. The deal will be over within 5 to 10 minutes time. What a shame!
Thanks to the Aadhaar which I think is a miracle cure. With the strict control of Aadhaar, I am sure that we will be able to alleviate the poverty as early as possible. An expert told me that the benefits of Aadhaar will be unbelievable and make India a great country before 2020.
Also I want to express my thanks to the current steps being taken by the Government to make banking formalities so simple and easy. I hope this move is a No.1 strategy to alleviate poverty in India. This will make the poor and innocent downtrodden to get the benefits directly from the Government without any middle men involvement.
Brazil and Argentina are naturally rich countries. They are also paying huge amount towards interest continuously and incurring heavy burden of paying huge amount towards interest. As a result, today their economy is going down day by day. India has to learn a good lesson from their experience.
But in the case of individual borrowing, the problem of repaying is very difficult. Whenever we take a loan from some one, we have lost part of our freedom. Hence poor Indians are trying to plead the so called Bank Managers as their bosses. Mr. P. Chidambaram rightly said that to take a loan of Rs.100 crores, the Bank managers are visiting the corporate whereas the poor public or students for educational loan of 2 to 3 lakhs, they have to visit the bank managers a number of times. He is also reiterates that there should not be any unlawful methods to collection of loans such as sending Rowdies and collect the loan from the poor and to behave sympathetically. Also he advice not to give any concessions for those who received crores and crores of rupees as loan. Thousands and thousands of students are benefitting because of Mr. P. Chidambaram’s support for Educational loans. We are sure that will produce a good number of additional educated youth so that India can prosper and will yield good result for the future India.
Please study carefully the interest based banking versus the Islamic interest free system with an open mind. I am aware that tones of statistics and documents evidences have been submitted to Reserve Bank of India and Government of India to prove how successful and practical that the interest free banking system.
Instead of sincerely finding solutions for the poor, we are beating around the bush again and again. Our neighbouring countries like Malaysia, Sri Lanka and Gulf countries are the best proof and we don’t have to re-invent the wheel once again.
Why people commit suicide in India?
Whenever we watch TV or reading newspapers, we see a number of suicide cases of entire family. It is due to the exorbitant interest rates which is the root cause of such mass suicides of “self respecting” farmers and common men and women. Times of India dated 19-12-2012 reports “Debt, crop loss force farmer to kill self”. Like this we see daily reports both in dailies and TVs, a number of reported suicide cases throughout India.
Whenever the inability of a father or mother who is under pressure to repay the exorbitant interest is forcing the head of the family to commit suicide. Under pressure the borrower is helpless and attempting suicide 100 times every day and he wishes that he didn’t exists.
He cannot face his own wife and children properly with honour who has been hunted by the pawn broker (lender). He cannot look at their eyes. The children are also upset when they see their father is chased by the lender. Free the loop around the neck of the borrower. Use the portion of the Charity (zakath) to save the free the robe of the noose tied around his neck. Believe me that most of the suicides today are related to exorbitant interest rates from the unethical lenders. I strongly believe the solution is within our reach. Please look once again how we can implement Interest Free banking (not an Islamic Interest Free banking).
In reality the poor is not at all committing suicide. Only interest and the greedy pawn brokers are killing the poor.
If there is an Interest Free Banking system in India, it is good for the Indian economy because the Government is not investing except strictly monitoring the process. Like the FDI, we can allow Interest Free Banking also. If Kerala alone can bring Rs.4,500 crores, what about the other states who can attract crores and crores of foreign investment into India. So unnecessarily India is loosing huge amount of foreign investment every year.
It is my humble request that RBI Governor D. Subbarao should look into the possibilities of establishing an Interest Free Banking system under your leadership. Laws are made to make the masses to live peacefully. Please remember only financial burden which is making them to commit suicide or live in poverty. Few years before there was prohibition in Tamilnadu and today the liquor business is flourishing and promoted by the Tamil Nadu Government. When laws are changing like this over night, why we are trying to following the inhuman Jewish Banking system and punishing the poorest of poor. I humbly believe that we have no right to deprive the poor and down trodden fellow Indians to lead a poverty striking pathetic life until his death.
I strongly believe that the duty of RBI is not only control and correct the Indian economy but also safeguarding the lives of millions of poverty stricken poor Indians.
I pray and wish that you must see an Interest Free Banking system (a secular and not an Islamic Interest Free Banking system) to benefit the poor while you are in office as early as possible.
Whichever political parties who think seriously for their vote banks, must use this issue of allowing Interest Free Banking opportunity focusing for their next election.
This issue should be looked into seriously with an open mind and find an out of the box solution so that our country will prosper. I hope that “let us walk with an end in mind” with a time frame to bring an Interest Free Banking System to India.
If you need any further information, please do not hesitate to contact me.
Thanking you once again for your kindness to read such a long appeal.
[K. Buharyis a Management Consultant. He lives at F4/226, 4th Main Road, SIDCO Nagar, Villivakkam, Chennai 600 049, Tamil Nadu. He can be contacted on his Mobile # (0)9444089331 or at greenbuhary@gmail.com]