Ulterior motive of Insurance Fatwa-Islamic Banking

Lucknow: The Darul Uloom of Deoband, the supreme body of the majority Sunnis, has declared life insurance as illegal. The Darul Ifta of Deoband, the body authorised to issue fatwas has issued a fatwa saying that interest earned on bank deposits as well as insurance of life is illegal as per the Shariat, the supreme law for Muslims and that Muslims should not go in for insurance or assurance of life which has been given to them by Allah.

This fatwa is to hasten the move by central government to introduce Islamic banking in India. Financial analyst’s points out many fallacies and impracticalities of Islamic Banking in India.

All Indian banks are governed under Banking Regulation act, Reserve Bank of India act ,Negotiating Instruments act and Co-operative society Act. So while coming under RBI, this Islamic Banks also will get interest from RBI, which is again interest based. In simple terms Islamic Banks can collect money from gullible Muslims and claim interest from RBI or they can deposit the money in other Banks to claim interest, so the depositors wont get any interest but the Ulemas behind these banks can mint money with the money of Innocent Muslim depositors.

In Islamic countries the Islamic banks won’t provide interest but they give valuable things to their Depositors as Gifts! Such crooked ways to bypass the Quranic impracticalities in Modern world is being practiced in their very own Islamic Countries it self.

Security experts warns the Government that the present hue and cry for Islamic banks in India is not due to their love and respect to their Religion, but  for safe transaction of Foreign funded money for Terrorist activities in the Nation. Many of the western countries had already closed down the Islamic banks there as it is a threat to their Nation’s security.

HK wonders will all Muslims who work in Banks resigns? Will all Muslims close their Bank account in Nationalist Banks in India alarmed by this Fatwa? Muslim Appeasing Govt.’s can also think about stopping Vehicle insurance which is a must while buying a vehicle as it hurt Muslim sentiments!

What a sensible Government should do first is to dismantle all the Fatwa issuing bodies in our country which raises irrational ideas on daily basis or if they are much keen to follow Quran,then introduce Shariat criminal law in the country at the earliest and ban all plea from Muslim families to Islamic government to release their kith and kin who are convicted and punished there as per their Shariat law.

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