By Muslim Mirror News,
Jeddah, May 27: A delegation of Indian expatriates living in the Kingdom of Saudi Arabia today met External Affairs Minister Salman Khurshid here at Hayatt Park Hotel in Jeddah and urged him to use his good offices to impress the Government of India to introduce interest-free Islamic finance and banking system in the country. The delegation under the banner of Indian Forum for Interest-free Banking (IFIB), Jeddah told Khurshid that interest-free system will attract two million Indian expatriates living in the region to invest in their country India.
The delegation of IFIB, under the leadership of K.T.A. Muneer, Usman Irumbuzhi and P.M.Ameer Ali, drew the attention of the minister to the wishes of 2 million Indian expatriates working in Saudi Arabia to take a better decision on investment of their hard earned money in financial institutions of their choice.
They told the minister that PM Manmohan Singh, couple of years back, had given a statement in Doha, Qatar that India needed $500 billion for infrastructure investment in the next five years and that India sought Gulf investment. This has “encouraged us to hold a series of meetings in India and Saudi Arabia to reach a decision to take leads and initiatives in a hitherto untapped area: Interest-free financial ventures,” IFIB said in a memorandum submitted to the minister. They also said that Governor of Reserve Bank of India, Dr. D. Subbarao had recently said RBI will not create any hurdle if the govt of India allows Islamic Banking in the country.
“We therefore request Your Excellency to kindly do the needful to open windows in existing commercial banks that facilitates expatriate Indians to invest their hard earned money,” IFIB leaders urged.
They suggested products like Micro-financing, Installment schemes in housing/vehicle loans, investment in real estates, industrial ventures and agricultural, livestock, horticultural, pisciculture development projects and similar ventures in India wherein interest is not an integral part.
“This will help pool the savings of non-resident Indians, especially from the GCC countries and contribute to the faster development of the nation,” they said.
“If a non-interest based Financing and Banking system is introduced in India like elsewhere in the world, India can attract Saudi investors, businessmen and bankers to urge for opening of interest free Islamic finance options like Sukuk for infrastructure development in the emerging market like India,” read the memo signed by IFIB office beares: PK Abdul Ghafour, President, VK Abdul Aziz, Secretary-General, KTA Muneer, Executive Member.