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Handling Islamic finance in a secular country is important: E Ahmed, Minister of State for Railways

Handling Islamic finance in a secular country is important: E Ahmed, Minister of State for Railways

Author: Staff Correspondent
Publication: TwoCircles.net
Date: October 4, 2009
URL: http://www.twocircles.net/2009oct04/handling_islamic_finance_secular_country_important_e_ahmed_minister_state_railways.html

How to handle Islamic banking in a secular country like India that already has the conventional banking system is very important, said E Ahmed, Union Minister of State for Railways. He was inaugurating the International conference on Islamic finance and interest-free banking, organised by the Rouzathul Uloom Arabic College, Feroke, in the Farooq College in Calicut.

Mr Ahmed said that Islamic finance can have a large potential in India as the country has the world's second highest population of Muslims. Islamic finance is based on Islamic principles and at the same time, applicable to the whole society, he added.

The institution based on Islamic finance set to begin in Kerala will have branches all over the country and will gradually emerge as a Global Islamic Bank, said T Balakrishnan, Principal Secretary to the Department of Industries in the state. He was presenting the blue print for Islamic finance institution in Kerala. The institution will be registered as non-banking financial institution as the Reserve Bank of India has not yet permitted to begin Islamic banks. The institution will have a private management, but will be supported by the government, he added.

The Shariah board for the Islamic financial institution in Kerala should have an international representation, said PV Abdul Vahab, MP. He also congratulated the government of Kerala for going forward with Islamic banking at a time when the world equates Islam with terrorism.

When London, Singapore and Tokyo can have Islamic banks, why not Mumbai and Kochi, asked H Abdur Raqeeb, general secretary of the Indian Centre for Islamic Finance, New Delhi. He put forward a five-point agenda to do immediately for the smooth functioning as well as the success of the Islamic bank in India.

Islamic finance will transform the way the world is functioning now, opined Prof KA Jaleel, former vice-chancellor, Calicut University. Islamic finance can solve many problems of the world, including the current financial crisis, said Dr Azad Mooppan, chairman of the Dr Mooppan's Health Care group. KV Kunhammed Koya, president of the Rouzathul Uloom Association, recalled that Islamic banking is a 1450 billion dollar industry spread over 75 countries in the world.

Elamaram Kareem, state Minister of Industries, presided over the session. Dr Ahmed Salem al Waheshi, Arab league Ambassador to India, PK Ahmed, vice-president of the Rouzathul Uloom Association, Prof P Muhammed Kuttaseri, former principal of the Rouzathul Uloom Arabic College and P Kunhahammed, president of the RUA College, also spoke at the function. Dr Hussain Madavoor, principal of the RUA College, welcomed the audience and guests. S Muhammed Younus, secretary of the RUA College, delivered the vote of thanks.

Papers were presented on three topics related to the business dealings in Islamic banking were presented by eminent people. The conference will continue today also with presentations on various topics related to Islamic finance and interest free banking.

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