V.M. Khaleelur Rahman
Indian Centre for Islamic Finance (ICIF) has issued a Press Release welcoming the Reserve Bank of India Committee recommendation on interest free window in existing banks.
The Press
Release issued by Mr. Unais Aneesudheen, Operations Manager, ICIF, says that on
16th September 2015 RBI Committee headed by Mr. Deepak Mohanty
invited Mr. H. Abdur Raqeeb, General Secretary, ICIF, to interact with the
Committee at RBI headquarters at Chennai along with other stakeholders and ICIF
submitted a detailed memorandum to the Committee which included the
introduction of interest free windows in the banking for the financial
inclusion of the minorities and the marginalized which was accepted by the
Committee.
The ICIF
report had highlighted that the central concept of interest free banking and
finance is justice and it will be achieved mainly through the sharing of risk
without involving interest.
The ICIF is
hopeful that the Reserve Bank of India and Government will accept the
recommendation and open the interest free window in the banking sector very
soon. It feels that it will be helpful to a large section of the society, which
is keeping itself away from the existing conventional interest based banking
system due to their religious faith and belief, in accessing financial products
and services.
Insha Allah it will succeed and save people from interest
ReplyDeleteIt is good that RBI agreed for Islamic banking. We appreciate the effort taken by Mr.Raaqib and his associates.could anyone explain on the working system of the islamic banking for better understanding
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