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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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