Srinagar: Hurriyat Conference (M) chairman Mirwaiz Umar Farooq on Friday expressed regret at Government of India’s rejection to introduce Islamic banking.
“People of Kashmir who are mostly Muslims and hence many among them do not participate in the interest-based banking system in the state ,have been demanding introduction of Islamic banking in J&K for a long time to accrue of the benefits of banking as per Islamic law and in turn help in the economic prosperity of the state,” Mirwaiz, who is president Mutehida Ulema Council, said in a statement issued here
Mirwaiz said it was ironic that while un-Islamic practices like liquor are promoted in the name of tourism and economic growth in the Muslim majority state , there was no push from “these quarters” to introduce Islamic banking as a clean means of bolstering the state economy through increase in finance assets and as a way of inviting investments from Non -Resident Kashmiri and others settled world over, “many of who are keen to invest here but want to do it as per the Islamic Shariah.”
Mirwaiz said that it was sad that due to its politically motivated and electorally driven agenda of religious polarization, Government of India was blinded to the benefits that Islamic banking can bring to its own people and the overall growth of its economy.
Quoting a report, Mirwaiz said that as per International Monetary Fund, Islamic finance assets grew at a double digit growth rate in the past decade from about $200 US billion in 2003 to $1.8 trillion at the end of 2013.
And, the growth was not only confined within the Muslim countries. China, Germany, the UK and the US are some of the non-Muslim countries with Islamic banking system in place, he said.
Mirwaiz reiterated the demand that Islamic banking be introduced in J&K without delay and asked members of trade and banking sector to put pressure on the concerned quarters for its realization.
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