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 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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