NEWS IN: MTN Obeys And Stops Paying Interest On Mobile Money For Muslims – Cos The Quran Forbids Interest On Money

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Security Expert, Irbard Ibrahim, who happens to be a Muslim, has commended the telecommunications company MTN Ghana for its move to exempt Muslims from its MTN Mobile Money interest scheme.

Executive Director of IRBARD SECURITY CONSULT, Irbard Ibrahim

Speaking to Radio Ghana’s “Behind the News” programme, last night, he quoted portions of the Holy Quran that forbid Muslims from consuming interest and praised the telco for respecting religious sensibilities in the country.

He added that, the move is indicative of the increasing mutual respect among all religions and would help engender national cohesion.

Citing the UK and other countries in Europe that designate “halal” meat and restaurants, he called on consumer companies to respect Islam’s prohibition of alcohol and port as well. He however stated that MTN stands to gain when Muslims do not take their accrued interests and called for due diligence in the process since not everybody who bears a Muslim name is a practicing Muslim.

However, Executive Director of IRBARD SECURITY CONSULT, Irbard Ibrahim, has urged the telecommunications giant MTN Ghana not to take a unilateral decision on the accrued interests of Muslim subscribers to its Mobile Money scheme.

In an interview with the Ghana News Agency, he said even though Islam forbids taking interest, the current condition of Muslims in Ghana allows them to channel the lump sum into building schools, clinics and orphanages for the Muslim community in Ghana.

He has therefore urged the telecommunications company to have a broad-based consultation with the Office of the National Chief Imam, the leaders of the Ahmadiyya Community of Ghana, Ahlu Sunnah, Shia and Tijaniyya as well as Muslim civil society organizations to create an Islamic endowment fund from the accrued mobile money interests of Muslim users of the service.

He cautioned that the failure of major Islamic countries like Saudi Arabia, Kuwait, Qatar etc to have an alternative use for their accrued interests in Western banks had led to the use of that money for non-Islamic transactions and an investment into the Western military industrial complex that has fueled conflicts in the Middle East and the larger Muslim world in some cases.