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Re: [Arkitect India] Fw: [MTC Global] Islamic banking gets RBI approval

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  • Mohammad Imran
    Getting interest on bank accounts is an equitable transaction for all account holders. Everyone gets a return proportional to their investment. This lottery
    Message 1 of 6 , Aug 25, 2013
      Getting interest on bank accounts is an equitable transaction for all account holders. Everyone gets a return proportional to their investment. This lottery form of giving money  is an inequitable transaction. It penalizes some and returns money to others. This indicates that Islamic banking is not a commercial transaction in which all participants have similar returns on their investments but a process of gambling which is against their religious rules. My religious belief is that Riba is Usury not interest. Usury is punitive and interest is return on services. The two are different.


      On Aug 25, 2013, at 7:55 AM, Sarwat Ali wrote:

       

      True, it does promote gambling and lottery is not fair by any means. Expecting any return in any form is a kind of interest with a different name.


      On Sun, Aug 25, 2013 at 10:21 AM, Mohammad Imran <dalibagh@...> wrote:
       

      Thanks for the comment. Islamic banking promotes gambling. That is one I can add to my list of negatives for it.



      On Aug 24, 2013, at 4:14 AM, Raj Shekhar Chandola wrote:

       

      Dear All

      I lived in Oman for some years.  Obviously, banks there follow Islamic banking and do not give interest on deposits.  But they know customers want some kind of return so every month there is a lottery with prizes ranging from a few hundred to tens of thousands of rial.  Every customer is eligible for these prizes whether they have a current account or an FD.

      After opening my account with them, in the very third month I won a prize equivalent to about Rs 30,000/- at that time even though my colleagues who had been banking with the bank for many years hadn't ever won anything !!!  Obviously they didn't feel the system was fair for everyone.

      RSC






      --
      Dr (Ms) sarwat ali
      pocket A/3C sukhdev Vihar , DDA Flats, 
      New Delhi - 110025

      9810525317




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