The allowing of interest on deposit accounts was apparently not known until the second half of the sixteenth century. According to holy Quran, Riba stands for usury, interest and all form of injustice and exploitation in financial transaction based primarily in lending and borrowing. The Riba judgement is preconceived, against the principal of natural justice and delivered in mechanical manner. We believe that Islamic system is an organic whole process, therefore, identifying the problems and obstacles in the implementation of interest free Islamic financial system does not matter, because developing complete Islamic life order or developing Islamic interest free banking system is one and same thing. Borrowing for the business is permissible in Islam or not.
Answer is surely no.
Shirkat and Mudarbat are mode of business not mode of finance. If we mix up both modes in one transaction then outcome will be worst form of interest. In this context CII 12 modes of business as mode of financing for elimination of Riba will be a shear blunder of islamic history. Al-Baqra, verse3.275 Allah will deteriorate Riba but will thrive up sadaqat. Allah love not ungrateful and wicked.