Sunday, April 18, 2010

When London, Tokyo, Singapore and Hong Kong can become hub and house of Islamic Finance why not Mumbai or Cochin?

H Abdur Raqeeb explains finer points of Islamic Banking to Mr Naro Naramain Meena. At left is Engr Md Saleem

A delegation concisting of Engineer Muhammed Saleem, President, Jamaat e Islami Hind, Rajasthan and Mr. H Abdur Raqeeb, General Secretary, Indian Centre for Islamic Finance met Naro Naramain Meena, Ministry of Statefor Finance in New Delhi to discuss the feasibility of Interest Free Islamic Banking in India.

Mr. Engineer Saleem submitted a Memorandum on behalf of Rajasthan Muslim Forum, which is an umbrella organisation consisting of Jamaat e Islami Hind, Mansuri Panchayath, All India Majlise Mushawara, Progressive Muslim Front, Indian Union Muslim League, Association for Protection of Civil Rights and host of other organisations and associations. Memorandum requested to accept the recommendation of Dr. Raghuram Rajan, Chairman, Committee on Financial Sector Reforms to create a framework for Interest Free banking in our great country.

Mr. Saleem urged in the Memorandum that Islamic banking is not only for Muslim but also helpful for Minorities and Marginalised and shared the recent statement of MS Swaminathan, Father of Green revolution that Islamic Banking can be solution for farmer’s suicide in Vidarbha.

Mr. H Abdur Raqeeb added that 40% customer of Malaysia and 20 % customer of Islamic bank Britain are Non Muslims. 

Mr. H Abdur Raqeeb also submitted the important documents related to the methods and techniques adopted by the Modern and Secular countries to create level playing field for conventional and Islamic Banking and argued that when London, Tokyo, Singapore and Hong Kong can become hub and house of Islamic Finance why not Mumbai or Cochin?

The honourable Minister assured that he would go through the documents in detail and will have discussion with his officials and higher authorities regarding the issue

Read more. 
Read Plea to expedite interest-free Islamic banking a report published in The Hindu

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