Since Islam is strictly against against collecting interest , whether is it Islamic to have availed bank loan and pay interest?
Why Islamic Banking?
The collapse of leading Wall Street institutions, notably Lehman Brothers, and the subsequent global financial tsunami and economic recession, Islamic banking is seriously being considered and has emerged as a possible alternative to the conventional banking because of the followings:
It is based on Ethical and Socially Responsible Investments (SRI)
It aims at Equity and Justice and leads to poverty alleviation and
It acts to new dimension to assets and actual projects aiming to support real economic growth instead of financial engineering.
It provides services to under banked populations ignored by conventional banks
Efforts Undertaken Meeting RBI & FM ...more