CUSTOMERS ARE DRIVING FORCE OF ISLAMIC BANKING A leading economist has urged Muslims living in non-Muslim countries to open interest-free accounts in their banks in order to encourage the regulators and policy makers to license Islamic banks. “If a large number of customers insist they want interest-free banking services, it would surely have a big impact on decision makers,” said Mohammed Obaidullah of Islamic Development Bank. Obaidullah hoped that India would soon get on the bandwagon of Islamic banking. India needs to change its banking regulations to accommodate Islamic banks, he said, adding that India would benefit from introducing the system as it would help tap the much-needed funds available in GCC countries for its infrastructure projects. Specifically Islamic microfinance has huge potential in enhancing financial inclusion of India’s poor. He called upon the Indian media to support the venture for the benefit of the country and its people. “It has been the burning desire of Muslims in the county for quite some time to have an interest-free banking system and we hope that the New Delhi government will soon take a decision to introduce the system,” he added. arabnews/node/334478
Posted on: Sat, 20 Jul 2013 06:06:02 +0000
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