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2005: Indian Muslim Press Statements
For Latest Indian Muslim Press Statements click here
Archive of Indian Muslim Press Statements click here

Jamaat-e-Islami Hind 

Jamaat welcomes move to introduce Islamic banking in India

New Delhi, 16 July, 2005: Jamaat-e-Islami Hind has welcomed the Governments move to introduce Islamic Banking in the country. In a statement issued today, the State Chief of Jamaat-e-Islami Hind Mr H. Abdur Raqeeb has said: "We are very happy and immensely pleased to know that Government of India has asked the Reserve Bank of India (RBI) to explore ways to bring Islamic banking into India. We welcome this historic, momentous decision by our Government. This is a positive step towards economic reforms with a human face as mentioned in the Common Minimum Programme of UPA.  Islamic Banking will help the poor and marginalised segments of society, petty traders, small farmers, skilled persons and women encouraging saving as well as providing micro credit along with other macro banking operations". Moreover, he pointed out the fact that banking products which comply with Islamic Law are becoming increasingly popular, not only in Gulf countries and Far eastern states like Malaysia, but also in other developed markets such as the United Kingdom. Reputed banks like Citibank, Standard Chartered Bank, HBSC are operating interest free windows in several West Asian countries, Europe and USA.   There is a huge potential market in India for Islamic banking products, as well, he opined.

It may be recalled here that Jamaat had pleaded to chalk out ways and means to establish Islamic Banks in India. In its People's Manifesto released on the eve of Parliamentary Elections 2004 Jamaat had reiterated that:  The rise of interest as a gigantic social evil is alarming. One of the most gruesome dimension of this draconian evil manifests itself in "family suicides". To get rid of this menace and save the society and nation from the clutches of interest, suitable amendments should be made in Banking Act, facilitating the establishment of interest free banks and interest free financial institutions,(People's Manifesto, (C) Economy- 6).  

The Finance Ministry has asked the Reserve Bank of India to explore ways to bring Islamic Banking into our country and the bank has already formed a senior team headed by Mr Anand Sinha, chief general Manager incharge, department of banking operations & development to look into the matter. The Jamaat chief, who is also a member of central executive council and the Interest free Islamic Banking cell, has written letters of appreciation to Mr. Manmohan Singh, Prime Minister and Mr. P. Chidambaram, Finance Minister welcoming the move. He has also expressed: "Jamaat-e-Islami Hind has a separate cell consisting of Islamic Banking experts and Indian Association for Islamic Economics, Aligarh also have the data and detail regarding the same and will be happy to associate and assist the RBI committee and place its services".

Jamaat-e-Islami Hind 
138, Perambur High Road, Chennai - 600012 (Tamil Nadu)
Phone no. :+91 44 26621101; fax : +91 44 26620682; e-mail : jih_tn@email.com

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