LAHORE, Sept 28: Tanzeem-i-Islami founder Dr Israr Ahmad says the ‘Islamic banking’ is not different from the interest-based traditional banking.

In a statement on Friday, he said the Islamic banking being promoted and practiced in Pakistan was not less than a fraud.

Dr Israr said second Caliph Hazrat Umar Farooq, in the light of Prophet Muhammad’s (Peace be upon him) sayings, had ruled that any deal/business where there was a doubt of usury/interest involvement should not be accepted.