In fact usery has also been condemned in the Vedic texts as well as in religious texts from Budhism, Judaism, Christianity and Islam. At times many ancient nations, such as, China, Greece and Rome, have outlawed loans with interest. The pivotal change took place in 1545 in the English-speaking world through “An Act Against Userie” promulgated during the reign of King Henry the VIII.
While others followed suit, the Muslims kept to their traditions alongside conventional banking. Allow me, Ladies and Gentlemen, to share with you our views on Islamic Banking in Mauritius. One participant Dr Manfred had a comment yesterday on how we are promoting Islamic Banking when Muslims are modestly represented here.