In the same essay, Naqvi also asserts: “As opposed to the popular conception, risk and uncertainty do not necessarily constitute Islamically legitimate characteristics of interest in the meaning of riba.
There is also no denying the fact that modern financial institutions like banking and insurance must be corrected to reduce fraud and for better service. However, any ‘Islamic’ solution must also be judged by similar standards of ‘justice’ and social responsibility. There are certain assumptions about an Islamic banking system yet to be rigorously tested in real life situations over a longer period of time on a much larger scale before the Muslims may present them as a better alternative.
Banks and banking is a new phenomenon and so is interest, as distinct from usury. In the last few decades it has become an essential part of normal human life. Even those who call interest Riba have bank accounts, write checks, use credit cards, and buy their homes on loans. All Muslim countries including those that are officially Islamic are actively involved with interest-based banking.
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