Economic Situation
The Bearys, who once enjoyed a high social status, slowly lost their position during the British and Portuguese rule. Their opposition to the English resulted in them being denied English education, which in course of time turned them into a socially backward community.
Today, hardly 20% of the community is engaged in trading and business, thanks to the modern education community offlate have been seeing professionally qualified members. Some Bearys are involved in the beedi industry and fish trade, and a majority are farmers. A few Bearys have progressed even further in the past few years and have achieved tremendous development in the field of Education, Business & Politics. Bearys today own many Educational Institutions. Professional Colleges in Mangalore are mostly owned or partnered by Bearys. Bearys have also achieved high positions in Karnataka Politics and few have also attained positions in the Central Government. In spite of these achievements, majority of the people of the community are still economically backward. The recent job opportunities in Persian gulf countries have improved the standard of living to some extent. However, Bearys in rural areas are still extremely backward socially, economically and educationally.
Since Islam prohibits interest based financial dealings, Beary community is not seem to have taken benefits from interest based or conventional banking system. In the modern days they have embarked on establishing a small scale interest free banking system namely Interest Free Loan and Welfare Society in Mangalore.
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