Re: Is Islam a static religion?
^^ In short what you are saying is that people should curb their desires and live frugally !!! (Welcome to utopia my dear friend)
All arguments said and done is it feasible in today's world to abolish interest. What is the alternative.
For a moment let us imagine that there is no interest on money lent. Let us not talk about Islamic finance due to the fact that it is interest again by some other name. Financial institutions would cease to exist due to the fact that they are not able to generate profits.Supposedly I meet with an accident and I do not have money to bear the hospital bills. So what do I do. I have a monthly income but that is not going to help in this situation since I need mony now and not later. So I borrow money from all my friends. If that does not suffice what do I do... Just think before you start stating your opinions.
Greed and 'needs' have no boundaries!
You are giving an example of day to day scenario in the settings which are created over decades. Buying insurance is one good way to start for medical expenses. Thats not paying interest or getting one. Ever heard of 'insurance' in your 'modern' world?
Besides a good welfare society can take care of needy.
There are people who ARE living in this world and have never paid and refused to get interest and are happy even in any islamic or non-islamic country.
Its an individual decision at the end of the day no matter how you look at.
Besides, you mentioned about islamic institutions and their interest free loans. Many are real.
There are and have been a great number of people who would give interest free loan to someone reaaly in trouble.
Please take time to search and seek.