Islamic banking may solve farmer suicide crisis: Swaminathan

By TCN News,

Chennai: Eminent economist and Father of Indian green revolution, M S Swaminathan sees Islamic banking and finance system as solution to the farmer suicide crisis. At an award ceremony here yesterday Swaminathan said Islamic banking may be the solution to farmer suicide crisis in Vidarbha.

Speaking at Karuna Ratna award presentation function, Swaminathan expressed deep concern over the unending vicious cycle of debt and suicide in the Maharashtra region. He said the exorbitant lending rates charged by money lenders is the main root of crisis and thus interest-free Islamic banking could be a solution to the problem. “Even yesterday we heard news about 30 farmers who committed suicide in Vidarbha. Islamic banking, which propagates zero interest lending, could hold the key to solving this crisis”, he has been quoted as saying. He was presenting Karuna Awards.

The Karuna Awards for outstanding work on ahimsa, love for ecology and vegetarianism are given by Karuna International, Chennai. The awards were given to four eminent social workers including Padmashree Muzaffer Hussain, for research on Islam and vegetarianism, Chinny Krishna of Blue Cross and Nanditha Krishna of CPR Foundation.