The term Bank is defined as “acceptor of deposit in the form of ‘money’ for the purpose of lending or investment.-P.N. They drift away Islamic teachings, especially on the part of sizeable segments of well to do and educated classes under the Western influence, was also a factor in the passive reaction to the inroad of the institution of interest in Muslim societies. The reason for this is to be found in the military and political subjugation of a large part of the Muslim world by the Western colonial powers, which foisted alien financial practices on the Muslim people. It is a fact of life that despite the severe condemnation of interest in Islam, Muslim societies were unable to keep away from interest-based transactions when modern banks appeared on the scene. The international banking system discourages trade through embargoes and encourages interest. The modern banking system is, in fact, the representative of the very evil of interest, which through exploitation, and extortion sucks the blood of mankind and by creating inflation it breaks the backbone of man’s economy. Commercial banking as we find it today had evolved over time and has become a stable institution with commonly understood practices accepted all over the world.
The Hidden Agenda Of ‘Interest’ Versus ‘Profit’īanks are an essential component of the present day world-individuals as well as public and private institutions can hardly operate without the institution of banking. The Hidden Agenda of ‘Interest’ Versus ‘Profit’
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