Mirwaiz regrets GoI’s rejection to introduce Islamic banking

Srinagar: Mutehida Ulema Council (MUC) President and Hurriyat Conference (M) Chairman, Mirwaiz Umar Farooq Friday expressed dismay and regret at the government of India’s rejection to introduce Islamic banking.

As per the statement issued here, Mirwaiz said that people of Kashmir who are mostly Muslims and hence many among them do not participate in the interest-based banking system in the state, have been demanding introduction of Islamic banking in J&K for a long time to accrue of the benefits of banking as per Islamic law and in turn help in the economic prosperity of the state.

Mirwaiz said it is ironic that while un-Islamic practices like liquor are promoted in the name of tourism and economic growth in the Muslim majority state, there is no push from these quarters to introduce Islamic banking as a clean means of bolstering the state economy through increase in finance assets and as a way of inviting investments from Non Resident Kashmiri and others settled world over, many of who are keen to invest here but want to do it as per the Islamic Shariah .

Mirwaiz said that it is sad that due to its politically motivated and electorally driven agenda of religious polarization, government of India is blinded to the benefits that Islamic banking can bring to its own people and the overall growth of its economy.

Quoting a report Mirwaiz said that as per International Monetary Fund, Islamic finance assets grew at a double digit growth rate in the past decade from about $200 US billion in 2003 to $1.8 trillion at the end of 2013.And, the growth is not only confined within the Muslim countries. China, Germany, the UK and the US are some of the non-Muslim countries with Islamic banking system in place.

Mirwaiz reiterated the demand that Islamic banking be introduced in J&K without delay and asked members of trade and banking sector to put pressure on the concerned quarters for its realization.

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