This is from a page produced by the Majlis of South Africa:
In a recent 14 page article, the venerable Mufti has unambiguously exposed the riba of the ‘Islamic’ banks. Mufti Taqi Uthmaani of Pakistan had spearheaded the ‘Islamic’ bank movement. He was the prime supporter of ‘Islamic’ banks. Just recently, in a lengthy article of 14 pages, he criticized these banks for their riba for passing off their ‘sukuk’ (so-called ‘Islamic’ shares) as ‘Islamic’ products. He states unequivocally that the dealings of these ‘Islamic’ banks are all interest-based. Lamenting the attitude of the ‘Islamic’ banks, Hadhrat Mufti Taqi Uthmaani says:
“It was expected that Islamic banks would progress in time to genuine operations based on the objectives of an Islamic economic system and that they would distance themselves, even step by step from what resembled interest-based enterprises. What is happening at the present time, however, is the opposite. Islamic financial institutions have now begun competing to present themselves with all the same characteristics of the conventional, interest-based marketplace, and to offer new products that march backwards towards interest-based enterprises rather than away from these. Oftentimes these products are rushed to market using ploys that sound minds reject and bring laughter to enemies.
“If these (Shariah) boards continue with their present policies, Islamic banks will stumble on the road, and there is a danger, God forbid, that this virtuous movement will fail. It is time for the Shariah supervisory boards to review their policies, and to moderate the licences they have granted until now…”