Islamic Bank soon in Kochi
03/09/2009 23:10:58  Courtesy: www.expressbuzz.com

KOCHI: A high-level meeting will be held on September 12 in Kozhikode to discuss the steps to be taken for setting up the first Islamic bank in the country. The State Government-aided Islamic Bank will come up in Kochi.

Sources close to the Kerala State Industrial Development Corporation (KSIDC) said that the KSIDC would have 11 percent stake in the proposed banking firm.

According to sources, the bank will be first registered as a Non-Banking Finance Company (NBFC). Later, it will be transformed into a fullfledged Shariah-compliant bank.

The registration formalities will be completed in 2009 and the financing company will be operational by mid 2010,” sources added.

Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Shariah (Islamic law) and its practical application through the development of Islamic economics.

Shariah prohibits payment of fees for lending money for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles and will be termed as Haraam (forbidden).

There are also reports that an initial capital of Rs 500 crore will be mobilised from leading Non- Resident Indians (NRIs) and Indian business houses.


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Sumayya
09/12/2009 00:27:34
THE TRUTH
DO YOU KNOW THIS SYSTEM IS THE BEST ONE IN THE WORLD.BECAUSE THERE WILL BE NO INTEREST PROBLEMS,THINK FIRST WE FOLLOW THE RULE OF GOD.THINK FIRST ABOUT THE GOD.YOU KNOW WE WILL DIE.WE DONT KNOW WHEN IT WILL HAPPEN.READ BIBLE,RAMAYANA,BHAGAVATHGITA AND LAST QURAN.STUDY ALL.YOU WILL FINDOUT THE TRUTH.QUR AN IS THE HOLY BOOK.THE VERSES ARE FROM GOD.YOU KNOW MUHAMMED NABI(S) WAS A MAN WHO DONT KNOW HOW TO READ,OR HOW TO WRITE.HE DIDNT GO ANY SCHOOL.HE WA COMPLETELY ILLITERATE.TECHNOLOGY HAS NO INFLUENCE THAT TIME.THROUGH QURAN WE CAN SEE HOW A MAN BORN(SEE SURAH 23 aL MUEMINUN)VERSES 11-15) HOW SIMPLY GOD EXPLAINS A HUMANBEINGS PRODUCTION.SCIENTIST JUST FOUND IT IN THESE CENTURY.HOW A MAN OF ILLITARACY CAN TELL WITHOU A SCANNER.THINK IT IS THE VERSES FROM GOD.YOU CANNOT FOUND ANY MISTAKES IN QURAN EVEN IN SCIENTIFIC MATTERS.IN WORLD SOME ORIENTALISTS EVEN RESERCH THE QURAN TO FINDOUT A MISTAKE.NO NO ONE CAN FIND ANY MISTAKES.BECAUSE IT IS THE HOLY VERSES,HOLY BOOK FROM GOD WHO CREATED US.READ THE QURAN,STUDY,THINK.THERE WILL BE ANOTHE WORLD AFTER OUR DEATH.IF IT IS A DEFEAT,NO YOU CANNOT ESCAPE FROM THERE.YOU ARE OUR BROTHER OR SISTER.I HAVE THE DUTY TO MAKE YOU UNDERSTAND THE GOD.SO IF YOU DIE WITHOUT UNDERSTAND THE GOD AND HIS RULES THE AFTERWARD WILL BE VERY BAD.PLEASE I NEED GODS REWARD ONLY IN THE NEXT WORLD.SO I WILL GIVE YOU ALL MY A LITTLE KNOWLEDGE ABOUT THE GOD HE IS ONLY ONE,THINK AGAIN.SO GOD WILL BLESS YOU.READ BIBLE,ALL HINDU HOLYBOOKS AND HOLY QURAN.NO JUST READ.COMPARE THESE FINDOUT THE TRUTH. 5
gulmyriam
08/09/2009 13:29:00
Answer and questin to Mr.Gopal in this section
As mrs. Gopal has pointed out here about the destruction of nature by human activity - that is true, because human developed the most aggressive way progress. Bu, on the other hand - as you said - do you really think we can now, in our century go back to horse, to give up all the technological achievements? If so, why are you why am i using this PC, this internet to write down our thoughts and let them being known by others? Take out of your home the electricity, the TV, the refrigerator, the cooking or washing machine. In our society we are so much under the domination of technique, because many of these achievements have made our life easier. We can't all run into forests and pick up bananas (even so , bananas would finish too soon and then?).But we can and must protect our environment as much as possible. We are under the attack of artificiality, our food is filled with pesticides and chemicals and plastic is cheaper than leather...I would ask the what will happen in that day when oil won't spring anymore -how will the economy of those days look like? let us take the good things we get and avoid to become too dependent of artificiality.We can start by worthlessness in our own lives.And because the main article was about banks - hey do you think we really need to get all times loans to pay interests? It is because often we wish to get more at once than we can afford. We want that car, that house, that plot now, not tomorrow, not next year.We could refrain from spending for useless things and save money to buy what we wish.But it is easier to go to bank and then to be a slave for many years, because one having debts is becomes a slave. We can live without banks, it's up to us and banks are not productive, they earn because of our greed, our impatience. What one doesn't have today he might have tomorrow. It is a matter of patience and hope and work. Simple, let's imagine our lives a little different... 5
TN Ramachandran Nair
08/09/2009 04:04:34
Islamic Bank
A totally uncalled for move in the Indian context. Fears of this bank being used for anti-national activities cannot be ruled out. The Indian banking system adequately takes care of the needs of different people based on specific needs. If at all a certain section of population does not wish to avail interest or pay interest, the banking laws and regulations hould be amended to take care of these issues rather than jumping to form an Islamic Bank. Tomorrow some others will ask for a Christian Bank or a Hindu Bank. Who knows. Hence ideally the idea needs to be dropped forthwith. 5
egoless
07/09/2009 10:42:47
islamic banking
http://www.newhorizon-islamicbanking.com/index.cfm?section=features&action=view&id=10699 5
Keralite
06/09/2009 08:49:13
Islamic Bank and RBI guidelines, repo rate, reverse repo rate etc.
This bank will ultimately serve as a legal outlet for distributing fake INR printed by ISI sponsored Pakisthani underworld. I am not sure whether SHARIYATH discuss anything about printing and circulating fake currency of Kafir countries. perhaps Shariyath prohibits Interest for loan.If Isamic bank become a reality , NSS should start NAIR bank and SNDP Thiyya bank. We hindus can open a Hindu bank with our hard earned money. 5
Gopal
04/09/2009 14:30:31
Artificial economics
Already we are printing paper currency to spoil mother nature. We are using that paper currency to construct roads, buildings and big big factories. Actually by constructing those huge factories, we are polluting mother nature horribly. Paper money gives false security. We neglected cows and lands. Now everybody wants to go for a job and earn paper money. Nobody is intrested in farming and cow protection. Because of this, rates of food grains are increasing. We are going into the hands of christian world banks and USA just because of this artificial economics. India was the leader for thousands of years just because of folowing vedic way of life. Now we are blindly following foolish scietists, whose ancestors were monkeys. Darwin's grand father may be a monkey. But our ancestors were pure saintly persons. Misguided by foolish scietists we accepted bunch of paper as the money and we are spoiling mother nature completely. So many new diseases are coming because of this pollution. Nobody understands the root cause of the problem. Our total education system is fake. Whatever we are reading in school and college life totally wrong. Our history about Islamic rulers is wrong, science is merely a speculation. Bigbang theory is a blunder. Day by day automobiles are increasing. People are blindly following scientists. Every where mismanagement of resources. I heard that in Kerala people stopped farming because of the high labor cost. As long as we follow artificial economics, we will be easily purchased by christians. They are bringing bunch of paper from USA and purchasing our lands. Cow and land is the real money. After 20 years nobody accept your bunch of paper money. In God's creation everything is available for living with nature. Horse (not automobiles)for travelling, plantain leaves (not plastic)for eating, earthen pots for cooking. This world is perfect. We suffer beacuse of mismanagement. You want to die, so you created these automobiles, poisonous factories etc. 5
Dr.A.M.C.Menon
04/09/2009 13:23:26
looting the Public money
It is an innovative idea of Elamaraam and Paloli to deplete the allotted amount for industries in disguise and earn the warming favours of the beneficiaries.
Dr.A.M.C.Menon 5
Gopal
04/09/2009 08:31:33
Live and let others live
Actually let them do what ever nonsense they want to their own women and men. But, unfortunately these demons manipulated their Khuran such that they can kill and rape innocents. These demons will never allow others to live peacefully. Whereever they are, they create horror. That is why they face so many natural calamities. Always Indonasia is a victim of earth quakes and psunamies. Wherever cow killers are there, that place will be subjected to natural calamities. India is the birth place of vedas. Now, it is in the hands of these demons because of the pseudo secular polytics. One day, these pseudo secular hindus will die in the hands of their demoniac Islam friends. No humanity in the hearts of these demons. They will suffer for their bad karma. 5
Nathan
04/09/2009 03:12:37
Islamic Bank and Shariah in Hindustan ???
We wont allow these nonsense in our country.Prevention is better than cure.It is easy to burn when it is in papers than when it will be in buildings.If any one want shariah and Islamic banking means they can go to the countries which follows them, like Saudi,afghanistan..(i think banking is some what easy there). For that,at any cost, we can help them.. 5
Proud Hindu
04/09/2009 00:38:18
So, this is secularism
They would give interest free loans to all those who convert and probably deposit large amounts into their accounts too! And the so called pseudo secularists who bark everytime a Hindu claims he is a Hindu....are now deaf and dumb! We too should start a Hindu bank and give loans to farmers etc...and for poor families to get their kids married and educated! This should strictly be for Hindus. Any takers?? 5
Suresh Iyer
04/09/2009 00:10:13
Fraud system
This claim about no interest is a hogwash.Anyone with common sense can realise that no bank can exist without earnings(read interest).I once approached an islamic bank for auto finance. They said there will be no interest on the loan availed. But we had to inform the bank the make and model of the vehicle that one is planning to purchase.Then the bank will fix the price for this car(which comes to more than the showroom price+ interest) and then they will divide it into any number of monthly installments.Nowhere the word interest is mentioned since it is haram.Shambo mahadeva. 5
Whenever the natural process of national and political evolution is violently suppressed by the forces of wrong, then revolution must step in as a natural reaction and therfore ought to be welcomed as the only effective instrument to reenthrone Truth and Right

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