insight-out
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When I heard him talk about interest rates, I was surprised myself. I was hoping someone would comment on it, so thanks. Unfortunately, the vast majority of people have no idea about interest rates, so they just believe what he says.Orya Maqbool is economically immature in his views. He starts off talking about how we should have no interest or negative interest rates. He is correct from an Islamic position but spreading misinformation in terms of modern economics. The reason post 2008 interest rates were low, or negative was to encourage spending to stop the recession worsening. Interest rates have slowly started to go up on. I'm not advocating higher interest rates, in fact we should long term work towards an interest free banking model, but it's not something that can be done right now.
It is not true that there was no interest after 2008. The existing banking system is based on interest. There is a difference between a bank rate set by a country's central bank to manage its monetary policy, trade, etc., and the interest rate, which is what banks charge each other or their customers - two connected, but different things.
The low and negative rates he was talking about were the bank rates, and were only a temporary measure. They were not the interest rates that banks charge their customers.
It is true that many conventional banks and economies are more interested now in Islamic banking principles, and are even offering "shariah compliant" banking services. But the dominant financial system is still very much based on conventional, interest-based banking.