Thursday 31st Jul 2014
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EARLY INTRODUCTION OF ISLAMIC BANKING SOUGHT

Inside India

The Rajasthan Muslim Forum has called upon Union Minister of State for Finance Namonarain Meena to facilitate introduction of “interest-free Islamic banking windows” within the existing regulations in the conventional banks through a proposal in the 2011-12 Union Budget to be presented in the Parliament’s session. In a letter addressed to Mr. Meena – who represents the Tonk-Sawai Madhopur Lok Sabha constituency in Rajasthan – the Muslim Forum on February 20 said that the interest-free banking, the demand for which was consistently being made for quite some time, would enable the economically disadvantaged sections of society to access banking products effectively. A delegation of the Muslim Forum, an apex body of Muslim groups in the State, had met Mr. Meena in New Delhi a few months ago to raise the issue and handed over to him some reports and documents for action in the matter. Mr. Meena had reportedly assured the delegation that the Finance Ministry would consider the request sympathetically. Muslim Forum convenor Qari Moinuddin said since the full-fledged implementation of interest-free banking might still take some time, the Union Finance Ministry should give a green signal in the Budget for opening Islamic banking windows in banks, for which no amendment in the Banking Regulation Act, 1949, was required.


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