It's sad that Pastor Cho is opposing these no interest banks. God gave many over 13 principles about economics in the Bible that work far better than communism, socialism or capitalism when implemented. One of them was that righteous people should not lend money with interest, esp. not to the poor.
Ezekiel 18: 5 “Suppose a certain man is righteous and does what is just and right....7 He is a merciful creditor, not keeping the items given as security by poor debtors. He does not rob the poor but instead gives food to the hungry and provides clothes for the needy. 8 He grants loans without interest, stays away from injustice, is honest and fair when judging others, 9 and faithfully obeys my decrees and regulations. Anyone who does these things is just and will surely live, says the Sovereign Lord.
A few verses seem to indicate that this may have been limited to those of the same faith/nation at some point (Deuteronomy 23:19,20) . But, later it seems more general.
Not charging interest is extremely wise. Interest is a way to steal from the poor in most cases. Banks can make a profit and return profit on investments which the Bible says is what wise people do. This way it's win-win for both sides and both sides have an interest in each others' success. But, with interest it can easily be a win-lose proposition hurting mostly the poor.
One man pawned his wedding ring and to get it back he had to pay exorbitant weekly
payments (interest only) soon costing him more than the ring cost to begin with.
Many nations are in big trouble because of interest payments and they are directly causing severe hunger and even death because people can't pay back the spiraling interest. Banks unsound lending practices and other gambling in economics is causing huge economic problems and they try to raise interest rates. This causes a wave of defaults which force the banks to charge even higher interest.
In Nehemiah's time, many Jewish families had mortgage their lands and vineyards and houses to buy grain. They then had to borrow money to pay the king's tax on their lands and vineyards (today's property tax). It got so bad they had to sell their own children into slavery to pay on their debts. When Nehemiah heard of all this he became very angry and condemned this evil charging of interest (Nehemiah 5:7-13).
You can see a short overview of some of the Bible's principles in the 1st 4 videos I made years ago here:
Check out the links, esp. the free book "Economic Democracy" in the free book section at www.ied.info
"Sometimes people ask if religion & science are not opposed to one another? They are: in the sense that the thumb & the finger on my hand are opposed to one another. It is an opposition by means of which anything can be grasped" Alexis Carrel, Nobel Prize winner in Medicine and Physiology Visit GIFT Ministry in Dongnae. See intro and maps, etc. at www.tinyurl.com/lifeisagift