Justice Krishna Iyer advocates interest-free banking in India

26 Jul

By TCN News,

Kochi: “Islamic finance has proven successful in poverty alleviation and promoting sustainable growth in many countries, including the United States and it is very relevant in our country where 20 million people are starving” said Justice Krishna Iyer while addressing a program recently in Kochi.

Mr. lyer, who is former Supreme Court judge, strongly advocated Islamic banking system saying it is based on humane principles thus good for all of humanity. “Those who support humanism should welcome Islamic banking and finance in India wholeheartedly.”

He also expressed his confidence about the success of this system: “People may doubt whether this interest-free system can survive or not but I can tell you that a system that supports social development will never fail” he said.

Speaking on the occasion T. Arifali, Chairman of Supreme Council of Al Jamia Al Islamiya (Islamic University) in Kerala’s Malappuram district said that there is nothing wrong in introducing Islamic banking in India rather it will strengthen the economy of the country.

“Islamic banking would encourage millions of Muslims in the country to pump their funds into the economy. A substantial number of India’s nearly 200 million Muslims do not like to deal with interest-based banking because of religious objections” he added.

The program was a part of preparation of an international seminar on Islamic banking to be held on Oct. 4-6 in Kochi. The three-day seminar is titled “Islamic Finance in India: Products, Institutions and Regulations.” It will be organized by Al Jamia Al Islamiya in cooperation with the Jeddah-based Islamic Research & Training Institute (IRTI) of Islamic Development Bank.

Besides national speakers and representatives of financial organizations and institutions, the seminar will be addressed by various international personalities including Bambang Brodjonegoro (Indonesia), Omar Chapra (Saudi Arabia), Mohammed Obaidullah (IRTI), Monzir Kahf (USA), Nazim Ali (Harvard University), Ali Quradagi (Qatar), Hussain Hamid Hassan (UAE) and Nizam Yakuby (Bahrain).

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Posted by on July 26, 2010 in News



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