Here we have an example of deceptive practices associated with Shariah Compliant Finance.
In a media interview, the Managing Director of Islamic Bank Bangladesh Limited (IBBL), Abdul Mannan, remarked:
“Greed and need are two separate things- twos move always in opposite ways. In banking race, conventional banking are doing greedy business using interest as a vital tool which exploits people while Islamic banking has come with a different way making them almost business partners.”
This of course is utter balderdash. It implies that conventional banks are greedy because they charge interest, but Shariah banks are not because they don’t charge interest–as if Shariah banks loan money for free.
They of course do not loan money for free. They have charges and fees with which they earn money and, despite the load of baloney from Mannan, those fees and charges usually result in more expensive loans than conventional loans.
If Mannan had made such a misleading statement in a developed, Western nation, he would almost certainly have been sanctions by regulators. But because he is a Shariah banker, lying isn’t so much of a problem…