Edict on bank interest not final<\/p>\n
The Jakarta Post
\nJakarta<\/p>\n
The ban against bank interest issued by the edict commission of
\nthe Indonesian Ulema Council (MUI) is not yet final, the
\ncouncil's chairman said on Saturday.<\/p>\n
It would need approval from the MUI board of executives before
\nit could take effect, according to MUI chairman Sahal Mahfudz.<\/p>\n
\"When it becomes an edict, then MUI is the authority that will
\nissue it, not the edict commission,\" Sahal said in a post-Idul
\nFitri gathering in Semarang.<\/p>\n
He said MUI would hold another meeting to discuss the edict,
\nwhich was announced at the conclusion of the MUI national meeting
\nin Jakarta last Wednesday. Sahal was absent from the meeting.<\/p>\n
Sahal said the edict on bank interest was a non-binding
\nagreement among ulemas or the MUI edict commission. Opposition
\nvoices were rife following the announcement of the edict,
\nincluding from Muhammadiyah chairman Ahmad Syafii Maarif who said
\nthe edict would not be realistic.<\/p>\n
According to Sahal, an edict would only be legally binding if
\nit was approved by the National Sharia Council and the MUI.<\/p>\n
Sahal, however, said the edict would not necessarily be
\nrevoked as it would not affect the entire banking system.<\/p>\n
\"The edict will only be applicable in areas where there are
\nsharia banks. So, it shouldn't be a big deal,\" he said.<\/p>\n
He urged the sharia banking sector to intensify its promotion
\nof its existence so that the public became aware of it.<\/p>\n
He said before the legitimate edict was issued, it would be up
\nto the public to consider whether bank interest is haram
\n(unlawful according to Islamic law) as the public had the right
\nto choose according to their beliefs.<\/p>",
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