Our ulema Hazrat are already working on IIBOR and due to their previous efforts, no new conventional bank will ever come into existence only already existing ones are operating. So, hopefully, we can expect IBOR soon to compete with KIBOR (Which is actually a market practice or Monopoly), and then every assumption regarding KIBOR will vanish.
Mufti Taqi Usmani is Authority on Finance
When you need to interpret or understand the law you go-to a lawyer. Then you follow their guidance because they are subject matter experts. When you are sick you go to doctors, and buy pills as prescribed, because they are subject matter experts. When it comes to Shariah banking with shariah endorsement/sign-off, you should follow subject matter experts. Mufti Taqi Usmani, is a renowned Islamic scholar and jurist, one of the best contemporary Islamic economists, and a former judge of the SC. Mufti Taqi Usmani wrote hundreds of books on the function of Islamic banking.
Hoarding of Dollars
Making money out of money is not allowed in Islam, but of course, trade-based activities are allowed. Hoarding anything which creates chaos and anarchy in a country is a sin. In either case, the action revolves around selfishness and the result is the exploitation of the masses. Everyone trades as per the trend because the trend is your friend in the Forex business. What he said is best for us in the current scenario. Taqi Usmani sb’s white papers on Islamic financing, his shariah court rulings, and commentary on an interest-free economical structure is the strongest theoretical framework for laying principles of Islamic Banking regulations globally.
