Here is the good news!
It is official now. The kerala government is seriously contemplating to establish Islamic Bank in the state. As a first step it is seriously planning to introduce Interest free banking norms through financial institutions. According to Mr Isaac Thomas, state's finance minister,''We find it extremely important to accelerate the economic growth in the state in view of the financial meltdown".
It should be noted that kerala's banks get remittances of about 37000 crores of rupees every year from its two million strong overseas workers, majority of them practising Muslims who do not like to claim interest on their deposits.
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But, still it is long way to go. There are miles to go before Islamic banking becomes a living reality. It has to be beneficial to the common man as well as NRIs.
Hats off to those who are striving for this noble cause. Particularly, to Janab H. Abdur Raqeeb Sahib and his team.
Read Abdur Raqeeb Sahib's interview in Arab News