Islamic banking in India - 2014 mission of UPA?

Discussion in 'Politics & Society' started by A chauhan, Oct 24, 2013.

?

Who needs Islamic banking in a secular state Bharat?

Poll closed Nov 23, 2013.
  1. Congress (to win elections)

    56.0%
  2. Muslims.

    4.0%
  3. No one, present banking system equally applies to all.

    40.0%
  1. A chauhan

    A chauhan "अहिंसा परमो धर्मः धर्म हिंसा तथैव च: l" Senior Member

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    I read today in Patrika that UPA govt is planning to implement Shariah based Islamic banking !

    Someone please check if it is true.
     
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  3. Free Karma

    Free Karma Senior Member Senior Member

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    Re: My grandmother & father were killed, I may be killed too: Rahul Ga

    ^^ I remember reading that the RBI had approved Islamic banking about a month ago. It was actually put forward by Raghuram Ranjan I think, though previously when it came up for discussion, the older governor, refused saying there was not enough laws for it. I think it is on trial in Kerala.

    http://timesofindia.indiatimes.com/...n-of-Islamic-Banking/articleshow/17323922.cms
    http://timesofindia.indiatimes.com/...-for-Islamic-banking/articleshow/21873837.cms
     
    Last edited: Oct 24, 2013
  4. A chauhan

    A chauhan "अहिंसा परमो धर्मः धर्म हिंसा तथैव च: l" Senior Member

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    Eye on 2014, UPA warms to Islamic banking

    By Cithara Paul - NEW DELHI,Published: 20th Oct 2013 06:48:32 AM

    :shocked: Congress can do anything to win elections !! What if Hindus raise similar demands hearing this ? is this how the Congress maintains peace in the country ? is Islamic banking is necessary in India? aren't we all equal and we use an equal banking system?

    1. Communal Violence Bill
    2. Islamic Banking
    3. What next ?

    Do Muslims need a separate banking system in a secular state Bharat ?
     
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  5. sayareakd

    sayareakd Moderator Moderator

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    Man people who have no idea about Economics and particularly Indian Economics writes such type of news, which is nothing but speculative in nature.
     
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  6. A chauhan

    A chauhan "अहिंसा परमो धर्मः धर्म हिंसा तथैव च: l" Senior Member

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    Saya, in election times such speculations can not only attract voters but disturb the peace, I guess.
     
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  7. Ray

    Ray The Chairman Defence Professionals Moderator

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    Actually @Yusuf can explain Islamic Banking well and beyond all the issues that vexes many who are not aware of it.
     
    Last edited by a moderator: May 10, 2015
  8. Ray

    Ray The Chairman Defence Professionals Moderator

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    Islamic Banking
    Islamic banking - Wikipedia, the free encyclopedia[/url

    Modern Islamic banking[edit]
    Mirza Basheer-ud-Din Mahmood Ahmad was perhaps the first person to discuss Islamic economics in detail in his books Nizame Nau (1942) and Islam ka Nizaam Iqtisadi(1945). Later work included that of Naeem Siddiqi and Maulana Maududi.[citation needed] The writings of Muhammad Hamidullah (1944, 1955, 1957 and 1962) should be included in this category. Also the Iqtisaduna (Arabic: "Our Economics") is a major work on Islamic economics by a prominent Shia cleric Muhammad Baqir al-Sadr. Written between 1960 and 1961, it is al-Sadr's main work[citation needed] on economics, and still forms much of the basis for modern Islamic banking.

    They have all recognised the need for commercial banks and their perceived "necessary evil," have proposed a banking system based on the concept of Mudarabha – profit and loss sharing.[citation needed]

    In the next two decades interest-free banking attracted more attention, partly because of the political interest it created in Pakistan and partly because of the emergence of young Muslim economists. Works specifically devoted to this subject began to appear in this period. The first such work is that of Muhammad Uzair (1955).[citation needed] Another set of works emerged in the late sixties and early seventies. Abdullah al-Araby (1967), Nejatullah Siddiqi (1961, 1969), al-Najjar (1971) and Baqir al-Sadr (1961, 1974) were the main contributors.[citation needed]

    The early 1970s saw greater institutional involvement. The Conference of the Finance Ministers of the Islamic Countries held in Karachi in 1970, the Egyptian study in 1972, the First International Conference on Islamic Economics in Mecca in 1976, and the International Economic Conference in London in 1977 were the instrumental as the involvement of institutions and governments led to the application of theory to practice and resulted in the establishment of the first interest-free banks. The Islamic Development Bank, an inter-governmental bank established in 1975, was born of this process.[12] Dr. Sami Hassan Homoud, a Jordanian (1976) who made his PhD in Islamic Banking, was the first one to write about Morabaha, and he established the Jordanian Islamic Bank in 1978.[citation needed]

    The first modern experiment with Islamic banking was undertaken in Egypt undercover without projecting an Islamic image—for fear of being seen as a manifestation of Islamic fundamentalism that was anathema to the political regime.[citation needed] The pioneering effort, led by Ahmad Elnaggar, took the form of a savings bank based on profit-sharing in the Egyptian town of Mit Ghamr in 1963. This experiment lasted until 1967 (Ready 1981), by which time there were nine such banks in country
     
  9. Defenceindia2010

    Defenceindia2010 Regular Member

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    Sharia + Islamic Banking + Muslim Quota + Muslim Appeasement + Communal violence bill X Sicklular Politics = Islamic State within a Secular State. Formula for confrontation with Hindu Majority and indigenous Dharmic faiths. Oppose these actions before it is too late :dharma: is our origin and it shall remain our future, Jai Hind.
     
  10. CrYsIs

    CrYsIs Regular Member

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    Islamic banking with due respect to our muslim brothers and sisters ,however noble it may sound can never and should never be implemented in a secular country.
     
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  11. mki

    mki Regular Member

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    Why dont this congi f***ers make Islam as state religion and give all the other religion Dhimmi status?
    I bet Each and every congis are ready to sale india and indian interest even just for a paisa......
     
  12. drkrn

    drkrn Senior Member Senior Member

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    technically islamic banking might not work in india.islamic banking prohibits giving or taking interests(traditionally)so even if they decrease the interest rates the system may not survive.

    moreover the legal battle over the creation of banks or private companies based on religion will be squashed by supreme court as this is not in the interests of india
     
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  13. drkrn

    drkrn Senior Member Senior Member

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    what will rahul baba call when bjp starts hindu banking-

    friends i would like to hear your comments.
     
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  14. dhananjay1

    dhananjay1 Regular Member

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    Islamic banking means taking interest but not calling it interest but calling it by some other euphemism. This is nothing new, Christian ans Muslim moneylenders have been using these methods for centuries. After all there is no point in lending money if one can't earn profit.
     
  15. anoop_mig25

    anoop_mig25 Senior Member Senior Member

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    it it has sharing profit and loss as an policy .what if in future banks adminstration carry out corrupt parctise and then declare there is loss so what happens to stakeholders of such banks where they have to share loss
     
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  16. I-G

    I-G Tihar Jail Banned

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    Islamic banking has been already working out in America, Germany, UK , Singapore, Malaysia and have even got lot of customers from the Middle class and have provided them housing loans, education and health care without taking any interest irrespective of their religion .

    Non-Muslims flock to 'safe haven' Sharia bank protected from the crunch by non-gambling rule | Mail Online


    This Islamic banking is gaining grounds in India mainly because of the Malaysian construction firms which would be mainly for construction of Middle class houses with all the facilities from play grounds to swimming pools , Schools etc . And here the Government of India would assist in all the construction as a mediator giving guarantees to the investor .

    Its mainly the Pakistanis who oppose any form of investment in India even if its for the benefit of the ordinary people from all the religions .

    Its like Asian and Middle eastern countries are coming together for the upliftment of the middle class and poor class people .

    Islamic banking also prohibits investment in activities considered haram, or sinful, according to sharia. Thus, projects involving alcohol, tobacco, pork products, weapons and defence, and pornography are all forbidden. The system also proscribes gambling and speculative activities. It should be mentioned that Islamic banks keep their doors open to all, including non-Muslims.
     
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  17. Eesh

    Eesh Regular Member

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    @Yusuf

    Are Shias, Sunnis, Bohras split on this issue or they are unanimous about the concept?
     
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  18. pmaitra

    pmaitra Moderator Moderator

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  19. Shirman

    Shirman Regular Member

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    My view on Islamic banking is a little different..........prominent Muslim Thekedars , radical muslims, Mullas along with politicians, ISI agents and Pakis across the spectrum be it congress and Bjp will be against Islamic banking.....Why ? Because it will be a direct threat to the entire Hawala infrastructure present here........with the help of Islamic banking on the contrary you are legalising the money transactions taking place......its like paying cash for a latest mobile phone rather than a credit card.....in credit card obviously via transactions anybody from IT dept to govt to tax dept one can assume or make out the capital amount one has or spends.......Coming back to topic this is just a congressi lolly-pop for Muslims who have expatriate workers in Gulf nothing else......it have its good usage including curbing jihadi terrorist funding activities as funds will come under IB scanner from its origin ie:-GCC , Turkey, Pakistan etc....... Pakistan will object it as naturally the Islamic banking option will increase in the region and investors and clients will naturally look towards India more than Pakistan thus increasing the regional investment competition.......
     
  20. I-G

    I-G Tihar Jail Banned

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    Shias, bohras and Ismails support Islamic banking but just want to be limited to them .

    Shias from Twelvers sect do get millions of dollars of Aid from Iran and because of this reason only there are thousands of bakeries and hotels which are run by Iranians just in Hyderabad city . Bohras and Ismailis communities do get aid directly from thier Imams in which they invest in trading and other business and on that even take financial aid from GoI and get easy loans from Banks .

    But as soon as the Sunni Muslims get any aid .. be it deobandi, barelvis and even Sufis , that aid is termed as Wahabi money even if that money comes from Turkey, Oman or America .
     
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  21. Singh

    Singh Phat Cat Administrator

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    What's the issue again ?
     

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