Islamic banking could be the way forward

by
01 November 2006

From Mr Ian Yearsley

iStock

Sir, — The summary of Ann Pettifor’s book The Coming First World Debt Crisis (Features, 20 October) contains many important points, but only hints at two significant factors.

One is the National Debt, now augmented as the Public Sector Borrowing Requirement, which amounts to more than £37.5 billion, or more than £6000 that each man, woman, and child in this country owes to the banks and financial institutions, and on which interest has to be paid through taxation or further government borrowing.

The other factor is the growth of Islamic banking, with its potential to be an interest-free profit-sharing alternative to the Western capitalist system. All three Abrahamic faiths have prohibitions on interest, and Islamic banking could well become the basis of faithful banking for Christians and Jews, as well.

I have held an Islamic account since January this year, and I would be very happy to share the experience with anyone interested.

IAN YEARSLEY
97 Putney Bridge Road
London SW15 2PA

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