Salman Khurshid assures cooperation for Islamic Banking

By news desk,

New Delhi: Salman Khurshid, Minister of State for Minority & Corporate Affairs, assured to cooperate in the future programmes related to Interest-free Islamic Banking. He expressed his opinion after his meeting with Mr. H Abdur Raqeeb, Convener of the National Committee on Islamic Banking, today.

Mr. Raqeeb, General Secretary of the Indian Centre for Islamic Finance (ICIF), met with Mr. Khurshid to discuss about the feasibility of Interest-free Islamic Banking in India.

Salman Khurshid with H. Abdur Raqeeb

“Islamic Banking will be beneficial to the Indian society, particularly for the marginalised and the minorities, in terms of microfinance. It will also be beneficial in major investments from the Gulf countries for massive infrastructural development as in the case of the US $ 10 billion-project in the Economic Development Zone in Maharashtra,” said Mr. Raqeeb. Exploring the possibility, he urged that if London, Singapore, Tokyo and Hong Kong can become ‘the hub and house of Islamic Finance & Banking’ then why not Mumbai and Kochi?

The following reports and documents about Islamic Banking in India were submitted to Mr. Khurshid:

1. RBI Working Group Report to examine financial instruments used in Islamic Banking.

2. Report of the Dr. Raghuram Rajan Committee appointed by the Planning Commission of India for Financial Sector Reforms –CFSR- submitted to the Prime Minister of India.

3. Lovell’s Document on Islamic Finance Regulations in Non-OIC Jurisdiction - in countries like Britain, Singapore, Japan, Hong Kong, etc.

4. Financial Services Authority (FSA) Report on Islamic Finance in UK: Regulations and Challenges.
5. Feasibility of Islamic Investment Company, KSIDC - Kerala State Industrial Development Corporation- prepared by Ernst & Young.

6. Journey of Islamic Banking in India ppt. Presentation: Efforts undertaken towards popularising the concept of Islamic Banking among various segments and stakeholders of Indian society.

Mr. Khurshid appreciated the proposals. Mr. Mohammed Sadath, Office Executive (ICIF) also accompanied Mr. Raqeeb in the meeting.



India: Reservation for Muslims -Is it really a double-edged swor

Islam and Politics
India: Reservation for Muslims -Is it really a double-edged sword?

Minority affairs minister Salman Khursheed has called reservation for Muslims a double-edged sword. Urdu columnist Syed Abdul Rafey asks if that is really so and concludes: “It cannot be denied that reservation is indeed a double-edged sword; if it is used, the Muslims will get fewer benefits and suffer more losses.” He goes on to explain the reasons why and what should the community do, endorsing the idea that Muslims should depend more on their own devices and develop the capability to succeed in this highly competitive world.

Translated from Urdu by Syed Raihan Ahmad Nezami, Najran, Saudi Arabia

Salam to all Mr. H. Abdur

Salam to all

Mr. H. Abdur Raqeeb, Convener of National committee on Islamic Banking has done the right thing in meeting Mr. Salman Khursheed, Minister of state for minority & corporate affairs and discussing the Interest-free Islamic Banking system in India.

Mr. Abdur Raqeeb is very serious about it and endeavouring his best to see that interest-free Islamic banking is established in our country. One feels that with the co-operation of ministers like Mr. Salman Khurshed, the issue will be discussed on high levels and a favourable decision taken. Insha Allah we will see this system implemented here in our country.

About 10 years ago the undersinged had written an article in Financial Express about the need of introducing an interest-free banking system in our country. This issue was discussed in some dailies and periodicals at the time of President Zia ul Huq introducing it in Pakistan.

Many countries have introduced and benefited from this system. Let us also go ahead.

We congratulate and thank Mr. Abdur Raqeeb for all he is doing in this regard. We wish him all the best.

Best regards,

V.M. Khaleelur Rahman

Salman K. cannot and will not do anything.

Salman Khurshid will not do ANYTHING for Muslims. He will not appoint even 1 Muslim as a Peon. We have seen Zakir Husain, Khurshid Alam Khan and now Salman Khurshid. They were / are gentlemen., but CANNOT and will not do anything for Muslims. Its not in their DNA. Congress will not do anything for Muslims. Period. Salman Khurshid must be retained as Minister for Commerce and some good Hindu person be made the minister for minority affairs. Tokenism will take the Muslims away from Congress again. The Congress begins complacent the moment it wins more seats in Parliament. In the Assembly Elections in UP., the Muslim voter of UP will go back to Samajvadi and Mayavati. Wait for the drubbing. The Congress is the “B” team of RSS and that’s it. Let alone doing anything positive, if it preserves law and order., that would be enough. Atleast it should not conduct pogroms / genocide like BJP.

Yes. You are right

Yes. You are right. But, still let us not lose hope and hope for the best.

Continous effort

Welldone Brother Raqeeb,Meeting with Minister will not go waste as commented above by Tanvir Begum.For viewer's information this not the one time he has met with the Higher Authory.He had meeting with almost all Islamic Financial Institutions which are running around the Globe.Made countless Trip to abroad for this only reason.May Allah accept his and ICIS team effort and Reward the same.We Muslim as awhole should pray for the Success of Bringing Sharia Finance to India.

Islamic Bank

We need this (Islamic Bank) in India,i think all the muslims of india will participate the same.

musilns must come

asslam valakum my dear indian musilms.what i say every one of indian musilm family must join any of national political party.