Is interest fundamentally wrong?

I read this interesting blurb the other day. “…….many of the nation’s almost five million Muslims have special banking concerns that often go unaddressed by mainstream banks. In particular, Sharia, Islamic law, forbids the charging or paying of interest. “This hampers most bank transactions,” said Amjad Quadri, assistant vice president for business development and new markets at the University Islamic Financial Corporation, a bank based in Ann Arbor, Mich. As a result, many Muslims decide to rent rather than buy homes. “And most Muslims only have interest-free checking accounts and credit cards that they pay off at the end of the month,” Mr. Quadri said.”  

What an interesting concept. While I am not promoting any particular religion, I still think it is a great idea to feel so strongly against paying interest. I don’t agree with not collecting interest on investments or loans you make, but certainly avoiding paying interest would allow your cash to go much further.  

http://www.nytimes.com/2008/03/08/business/yourmoney/08money.html