India could learn about Islamic banking: Rahman

Jan 28, 2010

New Delhi, Jan. 27: Islamic banking system has its own merits and India should learn from its many success stories from around the world, feels Rajya Sabha deputy chairman K. Rahman Khan ahead of the two-day Indo-Arab economic conference, which will be held in the Capital on February 3 and 4.

The issue will also come up for discussion at the conference in a big way. “It is an alternative system of banking, which ensures social justice. There are innumerable success stories of Islamic finance and banking that India needs to learn from,” said Mr Khan, who is also the patron of the Indo-Arab Economic Co-operation Forum.
The conference, which will be inaugurated by external affairs minister S.M. Krishna, is expected to be attended by leading politicians, corporate magnates, academicians and policy formulators from India and the Arab world. The theme of the conference is ‘Beyond the Meltdown: Search for Options’. Islamic banking refers to a system of banking consistent with the principles of Islamic law or the Sharia, which prohibits the payment or acceptance of interest fees. Mr Khan said India is the safest destination for investments and an Islamic banking system in the country could attract more investment from the Gulf countries. Mr Khan informed that a committee headed by the Cabinet secretary K.M. Chandrasekhar submitted its report on Islamic banking to the PM two months ago.

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