Namaskar Shri Narendra Modi
The Reserve Bank of India (RBI) has proposed opening of “Islamic window” in conventional banks for “gradual” introduction of Sharia-compliant (interest-free) banking in the country. – HT
We have strong objection to it. So strong that we believe someone who has proposed this before the government must be put behind bars and probed for terror linkages. This proposal must be scrapped without a delay because
0. Sharia banking is unacceptable because according to Sharia
– Non-Muslims are worst of creatures [Quran 98/6]
– Non Muslims are to be fought, killed and destroyed until they pay Jaziya tax [Quran 9/5, 9/29]
– Non-Muslim women must be abducted, married and enslaved after fight [Quran 4/2,3, 33/50]
– Non-Muslims do not have equal rights in Sharia law
– Wives can be beaten [Quran 4/34]
– Muslim men can marry 4 women [Quran 4/2,3]
– Muslim men can divorce women unilaterally
– Muslims must strive to dominate world until whole world comes under Islamic flag i.e. all people accept Islam [Quran 9/29]
Such filth, violence and hatred for women and Non-Muslims form the foundation of Sharia. Sharia banking is the portion of this Sharia. It is shame that we are even discussing this matter which would have been scrapped at the clerical level itself. Ideology as dangerous as Sharia is now dreaming for a parallel economy. And we are not anguished! Surely, this is our failure.
1. Idea behind Islamic Sharia Banking has striking similarity with the idea of Pakistan.
No matter how novel, innovative and beneficial Sharia banking is, it still remains the most dangerous thing for India. The genesis of Sharia banking lies in the belief of a Muslim that the current interest based banking system is Haram. Haram is something that is against Islam. The concept of Halal and Haram itself is the root of all terrorism in the world. When you stop judging anything from the angle of good and bad and start judging from Halal-Haram, you agree that henceforth, the universal good and bad don’t matter to me. What matters only is what is written in my book. Instead of hating bad and loving good, man starts hating Haram and loving Halal. And then a whole list is prepared for Haram which need to be hated to be a pious Muslim
– other religions, their gods, their faiths
– nations who are not run by Halal
– people who do not believe in Halal, who practice Haram
– institutions who practice Haram
Next logical stage of hating Haram is fighting Haram. And then starts the conflict. Halal can’t live with Haram. They need separate land, people, laws, institutions and finally nation.
In 1947, Jinnah and his goons said- we can’t live with Hindus. Give us separate country. Handover Muslim majority areas to us. All properties and women in those areas now belong to us. We will run the nation according to Islamic Sharia.
In 2016, many are saying- we can’t use banks by Non Muslims. Give us a separate window/bank. We will run it according to Islamic Sharia.
NO. The starting is same.
2. Sharia compliant Banking would encourage and embolden the culture of deciding everything in nation from the angle of Sharia-compliance and non-compliance. Instead of judging something on universal better and worse, you will promote dominance of a religion.
3. Wrong precedent will be set. And the next demands would be
– Since photography is not Sharia-compliant, Gandhi Ji’s pic on notes is not Sharia-compliant. And hence now start separate currency notes for Muslims.
– Since business with Non-Muslims is not Sharia-compliant as Non-Muslims are Soodkhor (someone who feeds on interest), only Muslims can do business with Muslims.
– So, in Muslim areas, all shops, malls, Khokha, hotels, restaurants, markets etc should be of Muslims. Non Muslims not being Sharia-compliant should not be allowed in Muslim localities.
– If at all any Hindu wants to do business with us, they will have to behave in Sharia-compliant manner. Which is, they will not be allowed to spend their money on idol worshipping (which is greatest sin as per Islam), organizing events on Vande Mataram, consuming alcohol and pork and other things. In fact an expert Mullah must issue do’s and don’ts for them.
– A Hindu can only be employed in Sharia Banks or window if he passes Islamic test. So anyone willing to join banks must be expert on Sharia. For this, one must be well versed with Quran and Hadith.
– And why restrict the glorious Sharia to finance alone?
– Give us separate education system.
– There should be different book chapters in science books for Muslim kids. For example, instead of theory of evolution, Muslim students must have separate chapter in Science books on theory of creation and how Allah created world saying Qun Fayqun!
– Since earth is flat as per Sharia, Muslim kids must have special classes teaching them how flat earth operates.
– Since it is Haram for a Muslim to fight under a Non Muslim commander, we demand separate Muslim unit of Indian army which will only be led by a Muslim.
– Same goes with cricket team. Muslims should have separate cricket team with Muslim captain alone.
and so on… This madness would know no bounds.
4. Due to this Sharia-compliant feature, you will need people who can decide what is Sharia compliant and what is not in case of disputes. And these people would be those who have been promoting terror, extremism and women rights violations across the globe. When was the last time you heard of a Sharia expert win a Science prize? So what do you expect now from them?
5. You will glorify a religion in a secular state. You will give impression that Islam is the only religion to have the banking system worth retrofitting in modern outfit. This will add to religious disharmony. This will add fuel to the fire of religious supremacy sentiment of Muslims which has already infected many of them.
6. And once you promote one religion/religious system as superior to the rest, it will trigger religious conversions. This is exactly what terror preacher Zakir Naik has been doing. Claiming all knowledge of science and finance already in his religious books and then converting people to the most knowledgeable religion. If you sanction Sharia banking, it will lead to Islamisation of India.
7. Apart from above, the apparent special privileges to Sharia banking users will catalyse religious conversions because rights of a Muslim and Non Muslim users won’t be same. Because Sharia bans alcohol, pork and a Non Muslim user will be forced not to do business involving these things. Many restrictions can popup at later stages when an established business using Sharia banking can be declared as Haram some fine day by a Sharia expert and one has to roll it back completely.
8. Which Sharia? There are more than 200 sects of Islam and thus 200 Sharia systems. Every sect considers itself as the only true and rest 199+ as Kafirs. How will you decide which Sharia to be implemented? Even Pakistan could not make itself a Sharia-run country because Supreme Court of Pakistan once said- What is Sharia exactly? Can you define it?
Nobody could answer.
9. There is a strong correlation between Islamic Sharia Banking and the export of terror. Countries that dominate Islamic banking shares are the same that produce world’s most dreaded terrorists. Turkey, Saudi Arabia and UAE fund ISIS. Iran funds Hezbollah. Qatar funds Taliban. So statistically, Islamic Sharia Banking is nothing but a legalized terror financing machinery. There is no place for this in India that has already been under Jihadi attacks for centuries.
10. The logic of introducing Sharia Banking is even more dangerous. It is believed that Muslims refrain from banking through the conventional banking system since it is based on paying/receiving an interest which is strictly prohibited by the Shariah Law. So instead of educating them about joining the mainstream, do we plan to incentivise separatism? How will we stop a Hindu group demanding Manu’s code of finance or a Christian demanding Jesus code of commerce? Where will it end? How will we deny others what we have granted to one?
If some day Muslims start refraining from conventional education of science and engineering citing Quram or Sharia, will we create special windows or job vacancies exclusively for illiterates in name of inclusion of all societies? Or shall we educate them and force them to join mainstream?
11. It is a myth that interest is haram in Islam. If it were so, even the most renowned scholars of Islam and bulk of Muslim countries would have banned traditional banking. On contrary, most banks in Muslim countries just open a Sharia window to pretend they are more Islamic.
12. The concept of interest in era of origin of Islam and today are totally different. It is like banning Namo app because Namaskar is haram in Islam. (recall the opposition to Surya Namaskar and Yoga!). Interest in medieval era was a way to extract more from helplessness of a person in need. Interest today is nothing but time value of money. A rupee today is more valuable than a rupee one year from now. This is because of several reasons. You don’t know what will happen in one year. You may even not live to have one rupee. You have given up on one year’s utilization of one rupee. And time will never come back.
Interest rate is a mathematical measure to assess this change in value. Regulators use it to regulate speed of economy. But regardless of that, on a global scale, whatever banking systems you use will have to comply with aggregate real value of your rupee’s buying power. It will reflect in interest rate or currency rate or price of goods.
If you create a parallel Islamic Banking without interest rate, either it will fail or will have to adjust its pricing to align with value of rupee in rest of the mainstream economy. Unless you decide to have a separate closed economy with separate currency, separate participants and no exchange whatsoever with rest of the world or national economy, a rupee from Sharia banking will have to at least as valuable as rupee from Secular banking. if you subtract additional overheads in maintaining jargons, studies have seen striking closeness in percentage returns from Islamic Banking and conventional banking.
A correlation that is impossible unless results are manipulated. So in name of Islam, manipulation is done which is more anti-Islamic than Islamic Banking!
(refer Zeren, Feyyaz; Saraç, Mehmet (2015). “The dependency of Islamic bank rates on conventional bank interest rates: further evidence from Turkey”. Applied Economics. 47 (7): 669–679. doi:10.1080/00036846.2014.978076. Retrieved 27 April 2015.)
13. This is exactly what happens in all economies having Islamic Banking. They try to catch their nose from back of their head. Complicate the jargons to make them sound different. But end up having same rates (and in fact more expensive) than secular (traditional) banking. It is more expensive because you have to incur more expenses in trying to catch the nose other way round.
Let us see some examples. They don’t charge interest rate but charge management fees and calculate profit rate. This is nothing but interest rate.
14. They calculate Cash Flow at Risk which is nothing but Interest Rate Value at Risk in conventional banking. They have to calculate the typical Net Interest Income analysis but Allah will send them to hell if they use the word ‘interest’! So they call it Gap Analysis. Every banking consultant worth his salt knows that Islamic Banking is nothing but simplified conventional banking with new jargons and additional overheads. Many mint money in Middle East and Gulf by offering expensive consultancy to Sheikhs who own these banks but know little finance.
15. Eminent economist Muhammad Akram Khan, criticizes Islamic banking as professing to have “put its business on a basis other than interest” but in practice devising “a whole host of ruses and subterfuges to conceal interest”. Mahmoud Amin El-Gamal, a professor of economics at Rice University (United States), has described modern Islamic finance as “Shari’a arbitrage”—i.e. what is prohibited in conventional finance becomes permissible when deemed “Shari’a compliant” despite having similar, if not the same, economic substance.
Yes, Islamic Banking in Gulf is boon for Indians. Most banking experts there are expats from India. But we cannot have such foolish mechanisms in India.
16. The real reason why Islamic Banking (that has nothing to do with Islam) is promoted is because it helps in money laundering and terror finance. It is a classic example of how religion is used to promote terror. Islamic Banking gives discretion to select people (Sharia Supervisory Board) to decide which business is Sharia compliant and which is not. Which borrower is Muslim or enemy of Islam. How much exposure and what rates to be given to whom. And they can cite religion to divert funds to coveted people and organizations. And these organizations link to terror organizations. That is why rise in Islamic Banking shows such a high correlation with rise in terror. Even the IMF which has to be politically correct refrains from categorically absolving Islamic Banking from terror financing. It says more study is needed.
17. Journalist John Foster complains that financing mechanisms that appear to outsiders to be mortgages “dressed up in Arabic terminology” (such as lease agreements, Mudarabah, or Ijarah), are made “shariah compliant” through the practice of “Fatwa shopping”—i.e. shopping for an Islamic scholar’s seal of approval, confirming the product is Shari’ah compliant. Foster quotes an “investment banker based in Dubai : “We create the same type of products that we do for the conventional markets. We then phone up a Sharia scholar for a Fatwa … If he doesn’t give it to us, we phone up another scholar, offer him a sum of money for his services and ask him for a Fatwa. We do this until we get Sharia compliance. Then we are free to distribute the product as Islamic.” According to Foster, “top scholars” often earn “six-figure sums” for each fatwa on a financial product.
18. Islamic Banking is nothing but conventional banking plus extra costs plus extra risks plus terror financing. According to the Economist magazine, “Dubai’s debt crisis in 2009 showed that sukuk [Islamic bonds] can help to inflate debt to unsustainable levels.”
Yes, Financial inclusion is necessary for all segments of society. But not through creation of religion-based finances, petrol, and electricity. But through enlightening all Indians to rise above religions and be Indian. Through educating them that modern finance has nothing Hindu, Muslim, anti-Muslim about it. That religion is a personal matter, and economies cannot run on whims of religious scholars. That economic policies, civil laws, criminal laws, property laws cannot be Hindu or Muslim. They can and must be only Indian. Those who have allergy to that should try if some other nation in world welcomes their separatism and settle there. Or fret and whine here till you understand that nation is above religion.
Unity in diversity is good. But creating divide in a unit so that it can fit the Jumla is foolish. One Pakistan is enough. No other will be tolerated. Its not the time of creating separate banks/systems. It is the time to scrap separate laws and implement Uniform Civil Code. More we listen to the patriots, less we bleed in partitions.
With you always in service of Bharat Mata