Muslim delegation meets MOS Finance on Islamic Banking

By TCN News,

New Delhi: A Muslim delegation consisting of Engineer Muhammed Saleem, President, Jamaat e Islami Hind, Rajasthan and Mr. H Abdur Raqeeb, General Secretary, Indian Centre for Islamic Finance met Naro Naramain Meena, Minister of State for Finance in New Delhi to discuss the feasibility of Interest Free Islamic Banking in India.

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Mr. Engineer Saleem submitted a Memorandum on behalf of Rajasthan Muslim Forum consisting of Jamaat e Islami Hind, Mansuri Panchayath, All India Majlise Mushawarat, Progressive Muslim Front, Indian Union Muslim League, Association for Protection of Civil Rights, etc. The Memorandum requested the government to accept the recommendation of Dr. Raghuram Rajan Committee on Financial Sector Reforms to create a framework for Interest Free banking in the country.
Mr. Saleem urged that Islamic banking is not only for Muslims but also helpful for minorities and the marginalised and shared the recent statement of MS Swaminathan, Father of Green revolution that Islamic Banking can be solution for farmer’s suicide in Vidarbha.

Mr. H Abdur Raqeeb added that 40% customers of Islamic banking system in Malaysia and 20% in Britain are Non Muslims. He also submitted the documents related to the methods and techniques adopted by the some other secular countries to create level playing field for conventional and Islamic Banking and argued that when London, Tokyo Singapore and Hong Kong can become hub and house of Islamic Finance why not Mumbai or Cochin?

The Minister assured the delegation that he would go through the documents in detail and will have discussion with his officials and higher authorities regarding the issue.