ISLAMIC BANKING IN INDIA - ARE WE AWAKE?
I would like to draw your attention to a very grave matter which has the potential of affecting the economy and security of India in a drastic way. Under the present government a conspiracy has been hatched to introduce one more Islamic evil into the already contaminated Indian society. The name of the evil is Islamic banking and the Central Government is exploring ways to launch it.
Following is the news item as reported by Jamaat-e-Islami Hind in Milligazette, an Indian Muslim English fortnightly newspaper:
Jamaat welcomes move to introduce Islamic banking in India
New Delhi, 16 July, 2005: Jamaat-e-Islami Hind has welcomed the Governments move to introduce Islamic Banking in the country. In a statement issued today, the State Chief of Jamaat-e-Islami Hind Mr. H. Abdur Raqeeb has said: "We are very happy and immensely pleased to know that Government of India has asked the Reserve Bank of India (RBI) to explore ways to bring Islamic banking into India. We welcome this historic, momentous decision by our Government. This is a positive step towards economic reforms with a human face as mentioned in the Common Minimum Programme of UPA. Islamic Banking will help the poor and marginalised segments of society, petty traders, small farmers, skilled persons and women encouraging saving as well as providing micro credit along with other macro banking operations". Moreover, he pointed out the fact that banking products which comply with Islamic Law are becoming increasingly popular, not only in Gulf countries and Far eastern states like Malaysia, but also in other developed markets such as the United Kingdom. Reputed banks like Citibank, Standard Chartered Bank, HBSC are operating interest free windows in several West Asian countries, Europe and USA. There is a huge potential market in India for Islamic banking products, as well, he opined.
It may be recalled here that Jamaat had pleaded to chalk out ways and means to establish Islamic Banks in India. In its People's Manifesto released on the eve of Parliamentary Elections 2004 Jamaat had reiterated that: The rise of interest as a gigantic social evil is alarming. One of the most gruesome dimensions of this draconian evil manifests itself in "family suicides". To get rid of this menace and save the society and nation from the clutches of interest, suitable amendments should be made in Banking Act, facilitating the establishment of interest free banks and interest free financial institutions,(People's Manifesto, (C) Economy- 6).
The Finance Ministry has asked the Reserve Bank of India to explore ways to bring Islamic Banking into our country and the bank has already formed a senior team headed by Mr. Anand Sinha, chief general Manager Incharge, department of banking operations & development to look into the matter. The Jamaat chief, who is also a member of central executive council and the Interest free Islamic Banking cell, has written letters of appreciation to Mr. Manmohan Singh, Prime Minister and Mr. P. Chidambaram, Finance Minister welcoming the move. He has also expressed: "Jamaat-e-Islami Hind has a separate cell consisting of Islamic Banking experts and Indian Association for Islamic Economics, Aligarh also have the data and detail regarding the same and will be happy to associate and assist the RBI committee and place its services".
Our deep concerns:
Is the existing network of banking infrastructure in India insufficient to cater to the needs of all sections of the society like the poor and marginalised segments of society, petty traders, small farmers, skilled persons and women? Dont they encourage saving as well as provide micro credit along with other macro banking operations? Well the answer is certainly yes. Then what is the need for thrusting upon the country another form of banking which is based upon the desert laws of the medieval times? Are the 7th century stagnant Arab laws more economically feasible, practical, rationally and logically implemental and humane than the present international banking system which has evolved over a long period and constantly improvising upon the complex needs of the modern society? What is the requirement of having two sets of banking laws for the citizens in the same country? Has India not suffered enough due to the existence of different sets of personal laws? The demand for the practice of Sharia laws led to the partition of our motherland. Even after the tragic incident the Muslims in India have been allowed to have a separate code of laws. We all know about the evil consequences of such a horrible decision made in the past.
This leads us to the critical question - What is the hidden agenda of this present UPA government?
Does this UPA government intend to promote organized terror in India fully funded officially by the oil rich Arab countries? It is because after the establishment of such Islamic banks in India large amount of petro dollars can find their way easily inside the country. It is a matter of common knowledge that these funds are used to instigate and fuel Islamic fundamentalist activities and extremism. More Islamic terror schools or madrassas will be opened throughout the length and breadth of the country hence leading to the in-house breeding of terrorists. The regulatory authorities will eventually have little or no control over these Islamic institutions. More Islamic missionary activities will be undertaken and more conversions will follow with the help of the free flow of funds. So are we heading towards strengthening the long cherished Arab movement for carving out another Islamic state from within India? And the allies of this sinister motive are our own politicians ruling in the centre. God save our motherland!
The present banking machinery will lose out on revenue too due to the exodus of funds and business by Islamic zealots living in India.
Just try to imagine the drastic and extremely far-reaching consequences such a move can bring about in the economic, social and political horizon of India. You do not have to be a Nobel laureate in finance or economics or politics to figure that out. It is time we unite and fight together to protect and free our motherland from the clutches of her enemies.
Yours in Dharma,