Kandhkot -  Interest known as ‘Biyaaj’ in Sindhi is on the rise in Kandhkot and other towns of Sindh. Mostly people belonging to the Hindu Community mint millions of rupees through interest-based business, and they have been doing this for a long time now.

Traders in Grain Market and other markets of Kandhkot, Kashmore, Ghouspur and Karampur lend the money to local people on interest on daily and monthly basis. The rate of interest varies from one percent to five percent.

Due to inaction on the part of Kashmore police and other concerned departments, the interest-based business is thriving, and people associated with it are doing it without any fear.

Those involved in the business are mostly tax evaders as well.

People are compelled to borrow money on interest from them due to their poor financial condition.

Especially, the government servants, whose salaries are often delayed, become victims of these money lenders, who keep check books and also Automated Teller Machines  (ATMs) with them as security deposits from the employees and withdraw cash from their salaries every month. They deduct the interest from their salaries and give rest of the amount to the borrowers.

The situation has come to such a pass that the lenders even get registered an FIR if any check bounces or is dishonoured, which confuses the borrowers and damage their public image.

The interest-based business also picks up when routine businesses are on a decline. Traders resort to lending money on interest to multiply their money in these types of circumstances as well.

Even they lend interest-based loans to landlords and farmers during the seed sowing season, and deduct the interest plus the principal amount from the price of grain brought to the market.

 

 

Zaheer Hussain Malik