By TwoCircles.net Staff Correspondent,
Kochi: Islamic banking is a democratic banking system, said Js VR Krishna Iyer. The misunderstanding that Islamic banking is only for Muslims should be changed. The country needs a banking system based on humaneness. The relevance of Islamic banking, which is marked by kindness and affection, increases when the banks in the country move forward based on exploitation and ruthlessness. He was inaugurating the International Islamic Finance Seminar in Kochi.
Js Krishna Iyer said that Islamic banking should lead to freedom from economic slavery. The freedom should be not only of Muslims, but of all. The misunderstanding that Islamic banking is of Muslims only should be changed. It is a democratic banking system. There are not only humaneness and kindness but also productivity in it. It is also a meaningful share-holding. Meaningful share-holding is the growth of not only those who invest money but of those who labour also. It is a system in which the one who invests and the one who works for the venture share the profit and loss equally. The field of production will enhance if Islamic finance is properly followed, he added.
Countries like India and China should give more importance to Islamic finance system, said Mudassir Siddiqui, noted financial analyst, while delivering the key-note address. India can have great development if the investments in the interest-free ventures all over the world can be attracted to the country. He also inaugurated the Islamic Finance Academy of the Al Jamia al Islamiya Shanthapuram.
H Abduraqeeb presided over the function. Dr Obaidulla distributed prizes. Dr MY Khan, Jamat e Islami national Assistant Amir Prof KA Siddique Hasan, ET Muhammed Basheer and MI Shanavas (MPs), Js KA Gafoor, Syed Muhammed Beary, Muslim League leader Munawarali Shihab Thangal, Prof Bahaudheen Kooriyad, Jamat e Islami state Amir T Arifali, Indian Islahi Movement general secretary Dr Hussain Madavoor, HE Muhammed Babu Sait, H Jayesh and Prof Kanniyappan spoke. Dr Abdussalam Ahmed welcomed and Thanveer Muhyudheen delivered the vote of thanks.
The three-day seminar is organized jointly by the Islamic Research and Training Institute of the Jeddah-based Islamic Development Bank and the Al Jamia al Islamiya Shanthapuram. Papers will be presented by eminent personalities today and tomorrow in the seminar organized at the Le Meridian Hotel.
The programme can be watched live online at the seminar’s website www.isifk.com