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March 14, 2006
India: Islamic Scholars Come Against Credit Cards, Medical Insurance
Hey, they do have a point about credit cards; they do encourage people to live beyond their means and should be avoided. But they are dead wrong about interest (so-called usury): interest-bearing financial instruments allow for the pooling of resources to finance productive enterprises that enrich us all. The Mohammedan prohibition against "usury" was one of his many moral decrees copied from Christianity. Christianity has thankfully abandoned the prohibition.
Here is the story: Credit cards un-Islamic, say scholars
Mysore, March 14: Coming down heavily on usage of credit cards and subscription to medical insurance policies, leading Islamic scholars have sought to discourage Muslims from using them, saying they are un-Islamic practices.The use of both entailed payment of interest, which is prohibited in Islam, the scholars, participating in the all India conference of Islamic Jurisprudence here said.
Besides interest, these schemes also encouraged consumerism, causing people to lead a lifestyle that was beyond their means, according to All India Fiqh Akademi General Secretary Khalid Siafullah Rehamani.
However, the scholars felt that there was no harm in using debit cards and ATM cards issued by various banks.
On the issue of medical insurance, the scholars compared it to being akin to gambling. Though rendering help to the sick was laudable, these policies were based more on the pursuit of business ventures, devoid of any service motto.[...]
Posted by Ruy Diaz at March 14, 2006 3:51 PM
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