[jurhoonee]

Jazaakallah for that link.

The problem I see is that if everyone went along with Mufti Taqi Usmani's fataawa on this matter, then what incentive would there ever be, EVER in the future for anyone to create a proper "top-down" Islamic system. That's why I feel if dispensations are going to be given for people with a genuine need to "solve modern problems", then they should be given on an individual basis instead of creating entire banking institutions that are just "sharia-compliant" fronts for the whole system in the back.

Anyway, I think my choice of the word "loophole" is what disturbed you, and made it seem like it might be casting aspersions on Mufti Saheb. Definitely that was not my intention, I just want to point out that there is a bigger problem, and this permissibility makes it easy for that bigger problem to be completely masked, and then there will never be any effort in the future to solve that. If someone comes along with a completely Islamic system, there'll be no market because everyone will be in "shariah-compliant" schemes.