Interest Free Banking
(Abdul Basit Ghafoor, karachi)
Modern banks play a vital role
in the economy of a country. bank carries its business in terms of money. it
collects money as "deposits" from the people and gives the same on loan to the
traders, businessmen, produces and entrepreneurs. it helps the country in
increasing production and employment. the money collected by it as "deposits" is
really the surplus money which the community has and directs it to the
productive channels. so the banks which shows that they are interest free and
non marking up on loan's are basically hiding the reality of their interest
system.