காலத்தின் கட்டாயம்

THE NEED OF THE HOUR

After going through various comments on the launching of a new economic entity – ADIRAI QARDHAN HASANA (hereinafter referred to as AQH), whose exclusive motto is for emancipation of our business community from the clutches of Interest (Riba) – Mongers, it is our sober and sincere attempt to showcase the ground realties which paved the way for commencing this programme.  We believe that launching AQH is our social responsibility.

We deem it necessary and important to launch a special platform for specialized treatment for curing economic disease; an exclusive deal is the need of the hour to eliminate interest and emancipate the poor and down trodden people from their financial hardships.

The financiers are roaming freely on our streets, intruding and intimidating our people and establishing their sphere of influence in the day to day affairs of native life.

The financiers are successfully encashing on the insufficient fund position of small business people, and those poor and downtrodden affected by poverty, financial perils, social upheavals, business collapse, obstacles and lack of enthusiasm.

In spite of various legal restrictions, the unscrupulous activities of money lenders increasing day by day.  It is in the interest of people, following rules are enacted and regulated in our state:

The Interest Act of 1978, Usurious Loan Act of 1918, Interest Tax Act of 1974, Interest on Delayed Payments Act of 1993, T.N. Protection of Interests of Depositors Act 1997, T.N. Prohibition of Charging Exorbitant Interest Act of 2003 and Criminal Law Amendment Ordinance 1944.

It is worth while to note that the  TN Money Lenders Act of 1957, Section 7 says that no money lender shall charge on any loan at a rate exceeding such rate as the government may fix from time to time.  But in practice exorbitant interest are collected through various forms of interest.  These interests are punishable under Section 7 of Money Lender Act of 1957 and Section 4 of T.N Prohibition of charging exorbitant Interest Act of 2003.  But nothing can be done.

Considering our inability to extinguish this social menace, it is decided to initiate a new entity, ‘QARDHAN HASANA’, which referred as beautiful / benevolent loan / goodwill loan / gratuitous loan for the benefit of our community. Interest is injustice.  Replacing interest with Qardhan Hasana could alleviate socio – economic evils of our society.

As a first step to do away with interest dealings among the small business community, it is decided to target petty shops, small business vendors, daily wage earners, service providers and self employed.  Many of the targeted groups were already trapped by interest mongers and about to be fallen prey to them. Our teams were there for relinquishing the bad practices and advising the poor people not to go with the ‘devils’!  They approached god fearing entrepreneurs who lack financial support to improve the existing business or to start a new one.  This type of micro financing was carried out among the group using the ‘Shariah’ principles of ‘Quardhan Hasana’.  It is the beginning and an exclusive outlet for interest free Micro Financing activity to remove ‘riba’ and it is the NEED OF THE HOUR.

AQH is hearing and healing the financial wounds and they are caring and sharing the feelings of the poor people. Let us applaud and appreciate the policies and programmes of AQH.

(Scripted by: A.S. Abdul Khadir, Chennai)