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'Islamic Banking can facilitate green financing'

Wednesday July 06, 2011 10:35:17 PM, Ziaulla Namani

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Mumbai: As India reels under inflation and the interest based banking and borrowing become unaffordable especially for the marginalized section, more and more economic experts and scholars are coming out in support of the Islamic Finance and Banking system. The latest is R Seetharaman, the Chief Executive Officer of Doha Bank. He said:

"Islamic banking is based on promoting good practices and values and has all potential to work in favour of general welfare of mankind and society as a whole. It is in fact the right platform to boost 'green financing'."

 

R Seetharaman was speaking at the recently concluded seminar on Islamic economics, organized by the the Indian Islamic Association - Qatar (IIAQ) under the title, 'Toward an Alternative Economy'.
 

"Sustainable environment development, developing water resources, facing global warming, ensuring women's participation and promotion of small-scale enterprises are all part of green financing. This is clearly an area where Islamic Banking can play a pivotal role", he added.

Citing the growing popularity of Islamic finance in Japan, which has just issued five Sukook Ijara (Islamic leasing bonds), and the interest shown by many other countries including Italy, Canada and Spain for Islamic banking products and service, he noted that that infrastructure development projects in India can attract foreign investment if the country opens up its banking sector to Islamic banking.

"With the Islamic banking and investment options, India can bring in investments from the Gulf based financers who otherwise shy away from investing in India due to an interest based system", he noted.

 

 

Ziaulla Namani is associated with an Islamic finance firm in India.

He can be reached at zia@islamitijara.com




 


 

 


 

 

 

 

 

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