Replace the word 'shood'
I entirely agree with the letter by Dr S N Mamoon(13 June). In old days when there was no official or regulated banking word 'interest ' . What existed was 'usury' or 'shood', always with manipulative exploitation of the poor and needy and extreme hardship of those who took loans from unregulated lenders. Similar transactions unfortunately still exist in England and other developed countries, believe it or not. This is what is forbidden in Islam i.e. such exploitation and hardships; and 'karje-hasana' i.e. interest free loans to the needy in the community is encouraged. So, the word 'shood' is inapplicable to regulated banking context and the word 'interest' on capital, whether deposited or loaned from a bank.
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