'Exploitation in name of Islamic banking should be abolished'

Prominent banking lawyer and advocate Salim Salaam Ansari in an interview to UPP said that exploitation in the name of Islamic banking should be abolished in Pakistan because there is no such thing as interest-free Islamic banking. He said that there is no such instrument, arrangement or system existing in the market, which is interest free Islamic banking in its true spirit.
Salim Salaam Ansari said that in Pakistan the ratio of devaluation or deficit in the rupee value and inflation is more than the profit, which results in depositors are getting a five percent return on deposits, which is annually much less than the inflation, which hovers at 7 percent to 7.5 percent per annum. He said that the banks or bankers were looting people in Pakistan in the name of Islamic banking and are actually charging from 13 percent to 36 percent per annum or an average of 22 percent per annum by using different terms with which the common man is not familiar.