Collateral, interest free loan can save marginalised people

Bangladesh Bank

Jehangir Hussain

Economists on Thursday called for involving people from all walks of life in developing collateral and interest-free credit to marginalised people.

Speaking at a seminar they said that collateral and interest free loans alone could free marginalised people from the curse of usury.

They said all this at the seminar “Interest-Free Finance: Possibilities and Obstacles” hosted by “helpotherbd.com”to mark its third founding anniversary at Maulana Akram Khan Hall of National Press Club.

Economist and columnist Dr Md Mizanur Rahman was the main speaker while  Chairman of Literate Education and Research Foundation, journalist and  poet Rafiq Hasan delivered the welcome speech and presented the keynote paper.

Director of Literate Education and Research Foundation, eminent journalist Muhammad Sanaullah, Journalist and Researcher Lutful Kabir Saadi and Executive Director of Literacy Education and Research Foundation Khawaja Muinuddin Chishti participated in the discussions moderated by coordinator AK Mmuntasir Ahmad.

Speakers said interest is completely prohibited in Islam. Usury is clearly declared as Haraam in the Holy Quran.

 Scholars in Bangladesh always warned against usury, but they could not provide an alternative method on lending to marginal groups.

And no alternative system is found anywhere in the world. As a result, many people are getting caught in the vicious cycle loans coupled with interest.

Public and private banks are also run on the basis of interest or profit.

Help Other BD.com is a member organisation of Sakshar Education and Research Foundation.

jehangirh01@gmail.com