Kunhallikutty’s dream to make Kerala a Pioneer in Islamic Banking

via With media Inputs published on July 5, 2011

THIRUVANANTHAPURAM: Opposing any projects conceived by the previous government without looking into it’s merits is a norm in Kerala. But Umman Chandy and his Muslim Ministers whole heartedly welcomes the Communist initiative of Islamic Banking.
Although court has not yet gave green signal and opposed this blind minority pampering following legal action by Sri Subrahmaniom Swamy. RBI also haven’t gave any positive nod. But our Chief Minister and Kunhallikuttie’s are very much enthusiastic over it.

In a seminar other day here, Umman Chandy told – ”We will take forward the good things initiated by the LDF Government. Al Barakah Financial Services is seen as a good concept. The State Government will do all that is possible to use Islamic Banking banking for the investment needs of the state,”

The Chief Minister went even a step further. ”The State Government will try to get the necessary Central clearance for the smooth functioning of such banks which work on the principles of shariat.”

The Chief Minister said that the State Government did not view Islamic banking with doubt . ”Certain people have objections to the name Islamic banking. It is not the name that matters. What matters is whether such a system would bring good to society. This banking system, which operates differently from the traditional banking ways, is now popular in many parts of the world,” Oommen Chandy said.

Industry Minister P K Kunhalikutty, who delivered the presidential address, said that the interest burden was the major problem faced by large projects in the state. ”Such projects will get generous dose of investment if interestfree banking comes into force,” Kunhalikutty said and added: ”Kerala which has evolved new models in various areas could be a pioneer in Islamic banking too.”

He said that Islamic banking had proved highly successful in places such as England where the Muslim population was much less than in India. Former Finance Minister Thomas Isaac, Additional Chief Secretary T Balakrishnan and Al Barakah Financial Services chairman P Mohammed Ali also spoke on the occasion.

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