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Rampant misconceptions about Islamic banking stop its growth

Monday October 10, 2011 10:51:03 PM, & Agencies

Kozhikode: Stating that misconceptions about Islamic banking are widespread, Member of Parliament ET Muhammed Basheer urged the authorities to take initiatives to implement interest-free banking in India.


Basheer said this while inaugurating the ‘Islamic Finance Workshop’ organised by the Chartered Professionals for Islamic Finance in Calicut.

"Islamic banking system is prevalent in several western countries such as France, Italy, England and the USA. But, many misunderstand the system due to the name of ‘Islam’ in front", TCN News quoted ET Basheer as saying.


"The Prime Minister and the Finance Minister have praised the interest-free principle of Islamic banking. But unfortunately, the Reserve Bank of India has not given acknowledgement to it", he said.


Stating that there are a lot of people who oppose the interest in the existing banking system, he said, "This is a golden opportunity to bring an interest-free system with their support."

Interestingly, a couple of years ago some experts in India had even suggested that if the name was a problem the government could change the name but implement the system for the benefit of the people.





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