KOLLAM (Kerala): Nobel Laureate and architect of Bangladesh Grameen Bank Muhammad Yunus today stressed the need to discard the economic theory that business is all about profit-making and said all economic activitiesshould focus on solving the problems of society.Speaking at the inaugural session of the International Conference on Technology Enhanced Education at Amrita Mutt near here, Yunus noted that it is important to deploy techology to improve the lives of the common man.

“Business is also for solving problems in society and not merely to make money,” he said.

Expressing concern over ‘hijacking’ of the microfinancing sector by ‘rich banks’, he suggested formation of a regulatory body and enactment of laws to protect the micro-credit sector from ‘loan sharks.’

Once a Muslim sage observed that worldly laws can only regulate or attempt to regulate a man’s action but only religious or spiritual laws can regulate a man’s heart.  So we observe in the most advanced countries, regulation loopholes are utilized by large financial institution to the detriment of these countries own innocent citizens.  In order for a total global revolution, we need to discard interest in all forms so that debt cannot be utilized as a tool for economic slavery.