[QUOTE]
*Originally posted by Islamabad: *
Its not a matter of a bunch of people like you un-validating interest in banks as riba. This system which has been running in parallel in Malaysia as well as Sudan. Go look up what the Quran says regarding riba, and open your eyes!
[/QUOTE]
Sorry.. are you denying that the parallel system in Malaysia and Sudan is riba-free?
[QUOTE]
*Originally posted by Islamabad: *
The country can very well be run without interest. For your info, the rate of interest in Japan is 0 % or below it, and the country is running!
[/QUOTE]
Japan is actually suffering very badly because of the zero interest rate - there economy is struggling to stay afloat.
They are just running a conventional banking system with unsustainably low interest rates. The Japanese givernment is desperately trying to raise the interest rate to avoid future economic collapse - their country is running low on financial liquidity.
An Islamic banking system is very different from a conventional banking system and can therefore survive and prosper in an interest-free environment.