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Grand Mufti of Oman hails Erdogan for lower interest rates, urges Muslim countries to follow suit




The Grand Mufti of Oman, Sheikh Ahmed bin Hamad Al-Khalili, hailed Erdogan for the interest rate cut and urged all Muslim governments to follow his example.

The Grand Mufti of Oman hailed Turkish President Recep Tayyip Erdogan’s decision to cut interest rates in the country’s banking system, calling on all Muslim governments to follow his example.

His tweet referred to a quote from the Prophet Muhammad, in which he said that anyone involved in dealing with interest rates “is cursed.”

Many Muslim scholars argue that interest rates for loans are prohibited by religion.

“We salute the brotherly Turkish Muslim government, represented by its steadfast leadership, in its direction of purifying its economy from the abomination of high interest rates, which God has cursed at its recipient and sender, whoever registers it and both. witnesses to the transaction, ”Mufti Sheikh Ahmed bin Hamad Al-Khalili tweeted on Saturday.

“We call on all Islamic governments […] cooperate on this, ”he added.

He called on the Organization of Islamic Cooperation to “adopt this project with determination and diligence” to target a purely Muslim financial system.

The Grand Mufti of Oman has made a number of controversial comments in the past, including calling for an alcohol ban in the sultanate and praising the Taliban for their takeover of Afghanistan.

The Turkish lira fell to a record low against the dollar on Thursday after the central bank cut interest rates for the third month in a row following pressure from President Recep Tayyip Erdogan.

The bank lowered its key rate from 16% to 15% despite rising inflation and the rapid depreciation of the currency.

The besieged pound, the worst performing emerging market currency in 2021, fell to an all-time low of 11.30 against the dollar, but subsequently reduced losses.

Erdogan, a declared opponent of high interest rates to promote investment and economic growth, on Wednesday called for a rate cut.

“As long as I am in this position, I will continue to fight against [high]interest rate, I will continue to fight inflation, “he said.

“We will take this interest rate problem off the shoulders of the people. We will never let our people be oppressed by interest. [rates]. “

In a speech to members of his parliament from the Justice and Development Party (AKP), Erdogan also justified his decision with a verse from the Qur’an which formally prohibits charging interest.

“I cannot support those who defend interests,” he said.

Erdogan, who in the past fired a number of central bank governors, is known for his unorthodox belief that high interest rates cause inflation instead of controlling it.

Conventional economic theory asserts that the exact opposite is true.

Erdogan once called interest rates “the mother and father of all evils.”




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