Islamic scholar Umair Ilyasi captured the attention of the World Religion meet in Kazakhstan recently when he told delegates that Islamic banking is good for the world.
Based in Delhi, Umair Ilyasi announced that the credit crunch has demonstrated the need for a new approach to finance and banking – Islamic banking, he said, is the answer the world is looking for.
The legal framework in India does not currently allow many Islamic banking activities. Many scholars highlight the need for appropriate models to be selected and implemented to suit Indian society’s diverse financial needs.
H. Abdur Raqeeb, convener of the National Committee on Islamic Banking, met with Salman Khursheed, Indian minister of state for minority and corporate affairs, earlier this year to discuss the prospects of introducing the interest-free Islamic banking system in India.
Raqeeb said that the system would benefit Indian society, particularly those who are marginalised. “It would also help India attract the much needed funds for its infrastructure projects,” he told the minister.
Shariah-based mutual fund schemes have made a quiet entry into the Indian investment arena. Nonetheless, restrictions are hampering the industry’s growth in the region.
Sources: Arab News, Mynews, The Times of India
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