Sunday, November 29

Muslim women and micro loans

This causes me no end of frustration. I mean, it's tough enough to get the economic status of women up and running. And then you have these bloody medieval obscurantists who come and bollox it up. I quote:

Ramesh Bellamkonda heads BSS Microfinance, the worst hit of several microfinance institutions (MFIs) in Karnataka. He says BSS has provided microcredit for two years in Kolar, three-and-a-half in Mysore, and eight in Ramanagaram, enjoying excellent relations with its Muslim borrowers and virtually 100% repayment. Today, repayment is down to almost zero, because of non-repayment directives by the anjumans and their goons, who threaten and even assault BSS staff. Muslims constitute a substantial proportion of borrowers, so the anjuman directives can bankrupt entire MFIs, affecting other community borrowers too. Other Karnataka MFIs in several towns face the same problem, and have been obliged to halt lending to Muslims. It is a triumph for the most reactionary Muslims, and a tragedy for Muslim women denied empowerment through finance.

The anjumans say interest on loans is un-Islamic, and so borrowers need not repay, and no further microloans should be given to Muslims…….Because the anjumans will not take on moneyed males, only poor women. They don’t like female empowerment through micro-credit, and so use the bogus rhetoric of Islamic finance to promote their gender agenda.

Can you imagine these pillocks? How on earth can they justify this kind of loser behaviour? Interest in loans is not un-Islamic, you idiots. If you think that’s wrong, go check out what happens in Saudi Arabia, they merrily lend away on interest. And if you think that they are wrong, why do you suck up to them starting from Hyderabad Airport to their hotel rooms? Sheesh.


Ganesh Hegde said...

But BD,
I thought Riba _is_ haram.
Just because the Saudis do it, it does not make it Shar'a.
What I've never understood is that what then is the incentive to lend?

BD said...

Sorry didnt see this, Ganesh. Well, Riba being haram is debatable. Whether ALL interest is haram or extortionate interest is haram is the question. Its only recently that the idea that all interest is haram has picked up steam, just like wearing the veil.

The Saudi's do it and it has a heavy sharia influence on its banking and economic sector. So the chances that a non sharia economic instrument will be allowed is pretty low...

and to answer your question, there is no lending, but profit participation...