Malegaon: Regional Director of Reserve Bank of India (RBI) J.B. Bhoria on Saturday said that the India’s central bank had no problem with the Islamic banking system and if demands were being made by the Muslims it should be seriously looked into.

“The Reserve Bank of India is not averse to the Islamic banking or interest-free banking system. If by introducing the system in India, the Muslim community which constitute such a large population in the country is benefited, there is no reason why the system is not introduced in the country”, Bhoria said while addressing the entrepreneurs and bankers who turned in a large number to listen to the first ever high ranking RBI officer visiting Malegaon.

He said that the system was new and still emerging, and it would take a while for India to adopt it. “Efforts are definitely on at the highest level to look into the feasibility of the Islamic banking system in India. In the coming days you may see it actually introduced on ground”, he said.

He however urged the Muslim community not to wait for the Islamic banking system to be introduced in the country and advised them to take advantage of the existing banking system. “The time is running fast and you should not wait. We have an existing system and there is not much difference between the two”, he said.

Bhoria was responding to problems faced by the Muslim weavers of Malegaon who are reluctant to involve in the interest based system. He was in the city to address a ‘Town Hall Program’ organised to unveil the RBI’s Financial Inclusion Movement.

Bhoria however was upset with the fact that Malegaon which has more than 75% Muslim population did not have sufficient number of ATM kiosk in the city. He also expressed concern over the absence of branches in the areas concentrated by the Muslims.

“This is the time when we are opening branches in the villages with a population of 200 to 300 people. Here we are unable to open sufficient number of branches and install ATM kiosks in a city of more than 06 lakh people”, he said urging the bankers present in the meeting to take immediate measures.

 

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Picture of the Day

Dr Shariq Nisar, Director of Research and Operations of India’s premier shariah advisory firm TASIS and one of the senior most professionals of Islamic Finance in India, was in Malegaon on Sunday to address a seminar on "Prospects of Islamic Finance in India".

(Photo: ummid.com)