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'Misunderstanding that Islamic banking is only for Muslims should be changed'

Wednesday, October 06, 2010 06:00:10 PM, Agencies

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Kochi: An international seminar on ‘Islamic Finance in India (Products, Institutions & Regulations)’ was inaugurated by Justice V R Krishna Iyer here on Monday.

The three-day convention, being jointly organised by Al Jamia Al Islamia and Islamic Research and Training Institute, Jeddah, aims to create awareness on Islamic Banking system.


“The principles of Islamic Banking, which prohibit charging of interest rates, are humanistic in nature. The prejudice to Islamic Banking ought to change,” Justice Krishna Iyer said.

He further said that Islamic banking should lead to freedom from economic slavery. The freedom should be not only of Muslims, but of all. The misunderstanding that Islamic banking is of Muslims only should be changed. It is a democratic banking system. There are not only humaneness and kindness but also productivity in it. It is also a meaningful share-holding.


"Meaningful share-holding is the growth of not only those who invest money but of those who labour also. It is a system in which the one who invests and the one who works for the venture share the profit and loss equally. The field of production will enhance if Islamic finance is properly followed", he added.

H Abdur Raqeeb, general secretary and convenor of the National Committee on Islamic Banking of the Indian Centre for Islamic Finance, who presided over the function, said Islamic Bbanking is not aimed at Muslims alone, but for everyone who is interested in an alternative system. There are many practical aspects to Islamic finance in India. Interest-free banking is needed in India where the common man is still outside the spectrum of financial growth. He said many foreign countries have introduced it.

Muddassir Siddiqui, partner and head of Islamic Finance, Middle East, SNR Denton and Company, said: “India has the talent and other resources for development but needs money for infrastructure and other development, it can make use of Islamic finance to fuel its growth. Islamic banking is not asking for any favours but asking for a level playing field, in a conventional system.” “Why not open the country to new ideas in financing?” he asked.

E T Mohamed Basheer MP, M I Shanavas MP, and other dignitaries also attended the function.


The programme can be watched live online at the seminar’s website







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