Interest-free banking would be boon to India: Rahman Khan
Interest-free banking would be boon to India: Rahman Khan
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NEW DELHI, August 14, 2013: Rahman Khan has told the Congress leadership that Muslims were increasingly viewing all activities of government. He said interest-free banking, better known as Islamic banking, would prove to be a boon by mobilizing vast capital from Muslims that can be used for welfare activities of the community while helping them to practice the religion as laid down by the tenets of Islam.
He requested Rahul Gandhi, as part of welfare proposals to woo Muslims, marks a renewed as well as , possibly the strongest bid to lift the bar on Islamic banking that has riled community principals for some time. He has flagged three steps – Islamic banking, mechanism to review terror cases against Muslim youth and making scholarships open-ended – as “new ideas” to woo Muslims. He also suggested that this must be executed before the 2014 elections.
According to him, Islam prohibits receipt or payment of interest, a reason why many countries have initiated financial institutions based on Shariah principles. He said while India has the second largest Muslim population in the world and guarantees freedom of religion, the bar on Islamic banking curtails this freedom for Muslims.
