Dr. Monzer Kahf, a prominent economist and counselor states: The prohibition of interest in Islam is based on its economic paradigm and it does not make a difference whether a Muslim is in Muslim countries or not. Besides, the argument of Dar al Harb and Dar al Islam is overturned by historical facts and requires a lot of revision. Persons who need financing and do not find Islamic ways to get it may be permitted to acquire financing on interest basis on the ground of necessities without any claim of permissibility in Shari’ah on any other ground because such other grounds would eliminate our future chance to establish Islamic financing institutions and to ask conventional institutions to accept the Islamic contracts, such other grounds give us false feeling that it is ok, and why do we need Islamic institutions?