The curse of borrowing and interest

Friday, April 23, 2010

This is with reference to Dr A Q Khan's article "The curse of borrowing and interest" (April 19).

One wishes that the metallurgist would stick to writing about what he knows well and not pontificate upon something of which he has very little knowledge. He has replaced the word 'usury' with interest in the verses he has quoted without having any authority to do so. Apparently he doesn't know that what has been forbidden is 'Riba' (usury, or exorbitant interest).

And if he had devoted some more time to study the subject, he would have discovered that Al Azhar University and other scholars (like the late Khalid Ishaq) have opined that a low rate of interest (as charged by banks) is permissible.

Shakir Lakhani


The News, April 23, 2010