Ahlul Bayt News Agency (ABNA.ir), A major campaign to introduce Islamic banking and finance into India was kicked off in the Kerala city of Kochi with Justice Krishna Iyer taking the lead.
“I welcome Islamic finance in India,” said Iyer, a former Supreme Court judge. “Islamic finance has proven successful in poverty alleviation and promoting sustainable growth in many countries, including the United States, and it is very relevant in our country where 20 million people are starving,” Iyer said, Arab News wrote.
The justice made this statement while proclaiming the plan to hold an international seminar in Kochi during Oct. 4-6 on the prospects of introducing Islamic finance in India. He said Islamic finance, which is based on humane principles, was good for all of humanity.
“Those who support humanism should welcome Islamic banking and finance in India,” Iyer told the gathering, which was attended by a large number of prominent personalities, including TPM Ibrahim Khan, additional solicitor general of India.
The seminar is organized by the Islamic University in Shanthapuram in cooperation with the Jeddah-based Islamic Research & Training Institute (IRTI) of Islamic Development Bank. International speakers include Bambang Brodjonegoro (Indonesia), Omar Chapra (Saudi Arabia), Mohammed Obaidullah (IRTI), Monzir Kahf (USA), Nazim Ali (Harvard University), Ali Quradagi (Qatar), Hussain Hamid Hassan (UAE) and Nizam Yakuby (Bahrain).
Iyer criticized those who oppose Islamic finance on religious grounds.
“The interest-free Islamic finance is a better option for countries like India. People may doubt whether this system can survive without taking interest. But I can tell you that a system that supports social development will never fail,” he said.
T. Arifaali, chairman of the Islamic University’s council, delivered the keynote speech and said Islamic finance would further strengthen the Indian economy.
“India is a pluralistic society. There is nothing wrong in introducing Islamic finance in the country if it is good for our country and its people,” he said. “If we can accept cultural pluralism, why don’t we try economic pluralism?” he said, adding that all religions have prohibited usury.
Arifali said he believed the introduction of Islamic banking would encourage millions of Muslims in the country to pump their funds into the economy. A substantial number of India’s nearly 200 million Muslims do not like to deal with interest-based banking because of religious objections.
End item/ 129
