Why HK banks should offer facilities for Muslim residents
I refer to Peter Forsythe's letter ('It is radical sharia law which has ruled against interest for Muslims', July 11). He referred to my comments in the report ('Islamic finance abroad, not for HK homebuyers', July 4). Let me clarify that I am not Sayyid Abul Ala Mawdudi's follower.
I did not demand that the Islamic financing system should be applied to the people of Hong Kong, but we would like banks to offer facilities for Muslim residents of the city, as they do in Britain. Chief Executive Donald Tsang Yam-kuen has on several occasions said that he would welcome Islamic finance in Hong Kong.
Islamic finance is a facility for those who, because of their religious beliefs, are not satisfied with the conventional banking system. It has been proved that Islamic banking is safe for customers and banks. That is why during the recent global economic turmoil Islamic banks remained safe.
Islamic banking is necessary for Muslims who do not want to be involved in usury or interest. Mr Forsythe differentiates between usury and interest: it is only a difference of words. In terms of Islamic principle, usury cannot be determined on the subjective basis of percentage.
Since Mr Forsythe addressed my affiliations, I would like to clarify. I grew up in Pakistan and studied in Pakistani University but I never joined Jamat Islami or Islami Jamiat Tulaba. I am a simple Muslim who believes in coexistence and harmony with every fellow human being as Islam teaches us. Everyone should enjoy the freedom to practise their religion.
Muhammad Arshad, Chief Imam Hong Kong, Kowloon Mosque and Islamic Centre
