By RINA,
New Delhi: All India Muslim Economic Council (AIMEC) organized on December 2 a conference of all Indian organizations working on interest-free basis in Deoband, Saharanpur. The conference was participated by a large number of concerned activists and intellectuals.
In his presidential address, Maulana Hasib Siddiqui, chairman of AIMEC, said: “Muslims dreamt for long to establish financial institutions conforming to Shari’ah but most of their dreams remained confined to issues like worship, religious education, Nikah and inheritance, so much progress could not be made in the field of financial aspects of life and interest-free system of trade and commerce. Now we have to take some steps in the light of Islamic banking system based on Shari’ah. This is a demand being raised all around us today.”
Informing that demand for ‘Islamic Widow’ within usurious economies is on increase, AIMEC president said, “Islamic countries have come with an exemplary model of interest-free banking system that fulfills the requirements of our times and an important aspect of this effort is that they have established themselves in international market.”
AIMEC president said, “In a number of countries like Malaysia, Indonesia and even England, Muslims are running their own economic system on the pattern of Muslim Fund (Deoband) that is benefiting both Muslims and non-Muslims equally.” He told that the government had formed a committee to study micro-finance in 2004 that reported that Islamic banking is not needed in India. “But the fact is that Islamic banking has remained unaffected in the ongoing acute financial crisis gripping the world,” he said.
Maulana Hasib Siddiqui said, “Eighty per cent of Muslims cannot benefit from banks because their incomes are too low and this fact has been attested by Sachar Committee report.” Stressing that micro-finance has become a must, he said, “All Muslim organizations need to sit together and seriously ponder over today’s social and economic position of Muslims.”
Expressing concern over increase in numbers of people living below poverty line, the economic expert Dr. Syed Zafar Mahmood said, “It is the need of the hour to establish interest-free and cooperative institutions in order to eliminate economic backwardness of Muslims.” Indicating towards imbalances in the prevalent economic system, he said, “Poor are getting poorer and capitalists are gaining in their capital. Islamic economic system is best means to prevent it.”
Finally, AIMEC also passed a resolution on terrorism, condemning recent terrorist incidents in Mumbai and expressing solidarity with the family members of the victims of those terrorist attacks as well as demanding the government to get the terrorist incidents of Mumbai and Malegaon inquired impartially and punish the culprits at earliest.