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Upendra Bharti | HENB | New Delhi | Nov 22, 2016:: The Reserve Bank of India (RBI) has proposed opening of “Islamic window”+ in conventional banks for “gradual” introduction of Sharia-compliant or interest-free banking in the country.
Both the Centre and RBI are exploring the possibility of introduction of Islamic banking for long to ensure financial inclusion of those sections of the society that remain excluded due to religious reasons.
As per report, this Islamic banking is to make India debut in PM Modi’s home state Gujarat.
The Jeddah-based Islamic Development Bank (IDB) is in the final stages of setting up shop in Prime Minister Narendra Modi’s home state, a move that will usher Islamic finance for homegrown startups and fund Indian exports to many African and central Asian Muslim nations.
The developments follow an agreement between India’s state-owned Exim Bank and the Islamic Corporation for the Development of the Private Sector (ICD), a private-sector arm of the IDB group, as part of deals signed during Modi’s trip to Saudi Arabia in April.
The IDB, a multilateral lender with an authorised capital of $100 billion, counts 56 Muslim nations as its members. Most of these countries belong to the Organisation of Islamic Cooperation.
Saying this, “Islamic bank is like a boiled ice cream; it cannot exist in real life“+, Harvard Professor, Indian Economist and Statesman (Now Rajyasabha MP on BJP Ticket) Dr. Subramanian Swamy once challenged the advent of Islamic banking and went to the court of law but failed to restrain the emergence of Islamic Bank in India+ unfortunately.
It reveals a double standard BJP and Modi to allow islamic Bank in India, when there is a move to enact to uniform civil code in India against a Shariah proliferation in India and allowing an Islamic Bank in the same row.
The Govt of India run by BJP at present takes a very unjust and pro-Shariah step against the secular and liberal texture of plural society of India obviously.
The nationalist forum of Agniveer rightly opposes the step of Central Govt to allow the Islamic Bank in India as below:
“The PM signed a deal with Islamic Development Bank during his Saudi Arabia visit early this year to start Islamic Sharia Banking in India. Now government plans to take it ahead to reach Muslims as per his promise on September 25, 2016.
Special benefits to Sharia Banking Users will trigger religious conversions. It will cost us what even thousand years rule of tyrant Jihadis and conversion nexus of terrorist mentors like Zakir Naik could not put together.
Unless we create sufficient pressure, Indian politicians are hard-wired to follow appeasement. Instead of hoping it to be a masterstroke, show the government that if it thinks of anything stupid like this, future would be worse than BJP debacle in 2004. Only then will they act sensibly”.
Zafar Sareshwala, a prominent Muslim businessman from Gujarat whom the Modi government appointed chancellor of the Maulana Azad National Urdu University soon after assuming office, is now taking the charge of Islamic Bank in India as reported in Hindustan Times (HT)+.
Asked if the launch had Modi’s blessings, given the opposition from a section of the ruling BJP, Sareshwala told HT: “Modi is a very pragmatic man. He is keen on investment, infrastructure, trade and economic growth.”
But, it is not understood, when the whole non-Islamic world is rejecting the Shariah, Halal and Islamic Banking system, why a known pro-Hindu Govt in India is allowing an Islamic Banking in India?
Government of Indian can’t assure to prohibit a parallel Islamic economy in India boosted by Islamic banking, nor Govt can resist the siphoning Islamic Bank money to any terrorist network for its Jihadi manipulation. In many cases the Islamic Banking will challenge the Govt projects and prospects which will not be up to the mark of Halal norms as per Shariah concept.
The NDA govt in Center led by BJP and PM Modi must stop the Shariah agenda of Islamic Bank for its advancement for the Islamisation of Indian society as a part of Pan Islamic agenda.
Islamic Banking will destroy the value of Indian economy and will destroy the strength of Hindu hold on Hindu economy.
Islamic Bank is coming to India as a part of Global Economic Jihad attached to Shariah and Islamic Ummah. It should be resisted, not to be allowed anyway.
__Agencies. Courtesy: Links used above.