SRINAGAR: Chairman of Hurriyat Conference (M) and patron of Muttahida Majlis Ulema, an amalgam of the religious organizations, Mirwaiz Umar Farooq on Friday during his address at historic Jamia Masjid termed that interest free Islamic Banking as the need of the hour.
He appealed the business and trade fraternity to extend their cooperation in implementing this non interest based Islamic banking system in Kashmir.
He said that he would soon call a meeting of Ulemas-heads of religious organizations, financial experts and other intellectuals to devise a comprehensive strategy to implement the system of interest free banking in Kashmir. He said the time has come that religious heads, leaders and organizations start a public awareness campaign to promote this banking in Kashmir.
He said that if Islamic banking could be started in other parts of the world then why its implementation was facing hurdles in the Muslim majority state of Kashmir.
Asserting that one of the causes of immense problems faced by Kashmir was due to interest based banking and commerce, Mirwaiz stated that interest based trade and commerce has led us to many miseries and socio-economic problems.