By TCN News,
Jeddah: The Indian Forum for Interest Free Banking (IFIB), Jeddah Chapter, Saudi Arabia, submitted a memorandum to the Kerala State Minister for Overseas Indians’ Affairs, Mr. K.C. Joseph; in the presence of ex-Kerala State Minister for Overseas Indians Affairs’ Mr. M.M. Hassan, conveying the feelings of 2 million Indian expatriates working in Saudi Arabia to take a better decision on investment of their hard earned money in financial institutions of their choice.
The memorandum addressed to the Finance Minister, Mr. Pranab Mukherjee, Reserve Bank of India Governor Dr. Subba Rao, Minister for Overseas Indians’ Affairs, Mr. Vayalar Ravi, and to the General Manager, State Bank of India, Jeddah Branch, requested that a notification may be published in the Official Gazette of India to include Interest-free Banking as a form of business in which it is lawful for a banking company to engage in terms of Section 6 (1) (o) of the Banking Regulation Act, 1949 (Act 10 of 1949) at the earliest and to advise Reserve Bank of India to issue necessary instructions to all banks to float subsidiaries to introduce Interest-free banking or open interest-free banking windows in the existing branches of Scheduled banks in India and abroad, wherein their activities can be carried out under the new system of ‘Profit & Loss Sharing’.
The memorandum also pointed out that the Indian expatriates in Saudi Arabia are a huge potential force who, if given a proper direction to invest their money, will be able to pool a huge volume of funds that could be streamlined into productive areas which will positively change conditions of millions of the poor and downtrodden, thereby boosting India’s GDP growth.
Mr. M. M. Hassan assured the IFIB delegates all his support as the Chairman of Janasree Micro-finance under Janasree Sustainable Development Mission, to carry on their mission to pressurize the Central Government regulatory authorities for granting RBI approval for Interest-free Finance systems in India including the area of Micro-finance presently his Janasree Sustainable Development Mission is engaged with in Kerala.
The meeting was said to be very ‘positive’ by the committee members of IFIB, Mr. Abdul Aziz V.K. and Mr. O.P.R Kutty.
Mr. Abdul Aziz V.K. expressed his gratitude to Mr. K.T.A. Muneer, OICC Saudi Head, who “encouraged and arranged for the meeting and has agreed to personally follow up the matter with the Minister”.