Challenging the Constitution and RBI warnings ; Kerala Govt. invests in Islamic bank

published on April 16, 2013

Kochi: Islamic power group in Kerala which controls the Kerala Government now is going ahead with Shariah based Islamic banking services challenging the RBI norms and warnings.

Kerala State Industrial Development Corporation (KSIDC) has partnered with Cheraman Financial Services Limited, a Kochi-based Islamic fund. Cheraman is the new name for Al Baraka fund proposed by KSIDC two years ago. Following stern opposition from Hindu organisations and luminaries like Subrahmaniam Swamy , Govt. then retracted from the venture.

RBI Governor D Subarao have earlier made it clear that Islamic Banking will not be possible in India. Kerala is the only state pushing for Islamic Bank in Kerala and there is no constitutional provision to allow Islamic Bank. 

Cheraman has first conceived as a a non-banking finance company to get the approval from RBI and now they are introducing Shariah compliant investments in India.The players behind Cheraman are Gulf based Islamists and is supported by groups like Galfar. Islamic Banking is a long cherished dream if Islamists in India and is seen as a solid step towards the unfinished business of Islamizing Bharath.

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