Islamic scholars issue 'fatwa' against govt schemes that provide interest on deposits
New Delhi, March 31 (IBNS): A group of 200 Islamic scholars from across the country have declared a "fatwa" against schemes such as the Centre's Sukanya Samriddhi Account Yojana for girls that provide interest on the money deposited in the bank, The Times of India said.
Led by Jamiat Ulama-i-Hind, the scholars say the Sharia law deems illegal any interest-based financial scheme. The resolution was passed at the end of a three-day conference in the national capital.
However, they see no problem in using mobile wallets or booking cabs through mobile applications. They are also not against using Google Adsense to advertise legal products except movies.
On the Sukanya Samriddhi Account Yojana scheme, Kamal Farooqui of the All India Muslim Personal Law Board said Islam called for earning through business or participatory transaction.
"It does not approve of living off interest generated out of capital sitting in a bank," TOI quoted Farooqui as saying.
Maulana Azad National Urdu University chancellor Firoz Bakht Ahmed criticised the move and said such moves deterred the extension of benefits to those who need them. He said: "The fatwa diktat in itself is a U-turn on the Islamic law that talks of educating and equating the girl child to boys in all walks of life."
Centre for the Study of Developing Societies associate professor Hilal Ahmed said the everyday life of Muslims was not determined by religion.
"It is impossible to survive in today's economy if one rejects the interests on cash deposits," Ahmed said.
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