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.

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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.