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Kerala CM assures support to interest-free banking

Wednesday July 06, 2011 03:36:05 PM, Agencies

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Thiruvananthapuram: Kerala Chief Minister Oommen Chandy has assured full support to the interest-free banking system based on the Islamic principles.

 

"The Kerala government will extend full support and cooperation to the interest-free banking system so that it may be used for the development of the state and we will try to attain the central government’s approval for it", Oommen Chandy said while inaugurating a national seminar on Interest-free Institutional Mechanism for Banking, Finance and Insurance held in Thiruvananthapuram July 04.


"Islamic banking is not a dangerous suggestion. The government would clarify doubts and go forward", he added.

 

He also said that the services of the Al Baraka Financial Services would be utilized as one of the ways to increase investments if needed.

 

"The government will go forward with the good moves taken by the last government and the Al Baraka was one such move. Some feel discomfort with the term ‘Islamic banking’, but instead of just a name we should see if it will be useful for the society", he said.


The seminar was organised jointly by the Department of Islamic Studies in the University of Kerala, the Thiruvananthapuram Chamber of Commerce, the Indian Centre for Islamic Finance, the Indian Association for Islamic Economics, the Al Barakah Financial Services Limited, the Sequra Investment and Management India Private Ltd, the Ecotech Builders and the Alternative Investments and Credits Ltd.



 


 

 


 

 

 

 

 

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