Wednesday, February 3, 2010

‘Don’t let the name scare you. Islamic banking is beneficial for all' | ummid.com

  • ‘Don’t let the name scare you. Islamic banking is beneficial for all' | ummid.com

    tags: no_tag

    • Aleem Faizee, ummid.com
    • "People should know that the name Islamic Banking is used just to give an impression that it works on the Islamic principles. Otherwise, it is an open option and everyone whether Muslim or not can take the benefit", says Maulana Abdul Hadi Madani, Editor Sirat-e-Mustaqeem, Birmingham and Member Islamic Shariah Council, Britain. Maulana Abdul Hadi Madani was speaking to ummid.com while he was in Malegaon to inaugurate the new building of Kulliyah Aisha Siddiqua for girls at Mansoora.

    • How do you think Islamic Banking is capable of combating the economic slowdown?

      We can never have a better rule or way of life than the one framed by the Almighty Allah. For, He is the Creator who created everything. He knows what is good for us and what is not. Through His messengers, hence, He sent guidelines for a better life. Islamic finance is also one of them.

    • This is why at the time when other banks are facing closure, the Islamic Bank of Britain is opening branches at different places in UK and also receiving similar requests from Europe that has never believed the system.

    • India has its own problems. Like, it cannot adopt the system unless some amendments are brought in its rules. How can you suggest India to have Islamic banks under this situation?

      This is not the case only with India. Everywhere, whether it is UK or Sudan or any other country, the respective governments had to bring changes in their rules to accommodate the Islamic Banking System.

    • Then why the Indian Government is reluctant?

      The fact is that the Islamic Banking System has the potential to overpower the existing banking institutions. This is what exactly happened in Sudan. Before the introduction of Islamic Banking in Sudan, it was thought it would not work in the country. However, very soon Islamic banks in Sudan overshadowed the high-street banks. I think, some people in the Indian Government who might be having some stakes in the existing banks are going through the same dilemma.


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