Turkish Parliament passes tax neutrality law for Sukuk Al-Ijara
March 7, 2011No hurry to issue permits for mega Islamic banks
March 9, 2011Islamic banking taking roots in India: Kerala launches interest free bank
By Abdullah Edachalem Available at: http://www.khabrein.info/news/Islamic_banking_taking_routes_in_India__Kerala_launches_interest_free_bank_1299509784/
The Kerala government has taken revolutionary step launching the first ever interest-free Islamic banking institution in India. The Al-Baraka came into action once the Kerala High Court dismissed a couple of writ petitions which challenged the setting up of Islamic financial institution in a secular country like India.
The Islamic Bank is promoted by Kerala State Industrial Development Corporation (KSIDC) which has 11 percent stake in Al-Baraka Financial Services. The financial institution which operates on Islamic principles was held back as former union minister Subramanyam swami filed PIL challenging the move.
A division bench comprising Chief Justice J Chalameswar and Justice P R Ramachandra Menon dismissed the petitions claiming that the government proposed institution can follow the financial laws of the country as well as sharia rules.
The first of its like institution originally planned as government undertaking failed to get Reserve Bank clearance as well as court rulings. An internal working group of RBI whose report is yet be public held that such a form of banking is not possible given present regulations.
However the system had got a shot on the arm when Prime Minister Manmohan Singh asked the Reserve Bank of India to look into the prospects of introducing an interest-free banking system in the country. “There have been demands for experimenting with Islamic banking in the country,” Singh said.
And now the court cleared the way for setting up the financial system as a state supported private company. Al –Baraka is proposed to work as an interest free banking system in which a sharia board will account the power to decide on the mode of investments.
The company will invest the money only in Shariah compliant projects such as development and infrastructure projects, according to the promoters. The government plans to use the Al-Baraka resources for major projects like Southwest rail corridor and Coimbatore-Kochi corridor.
14 promoters of Al-Baraka have already contributed 40.2 million Indian rupees to the interest free financial institution which aims to mobilize around 400 billion rupees in total. The 17 member board of the directors is chaired by P. Mohammed Ali, veteran GCC based business man, and C.K. Menon as vice chairman.
The government initiative is widely appreciated by people of the state mainly by Muslims who account for close to 24 percent of the 32 million population. It has warmly welcomed by nonresident Keralites in which Muslims play 50% role in umbers as well as in the total remittance into the state.
However, a few people believe that its’ a government agenda to tap the huge amount of money from expatriate Muslims who are keeping away from interest-smitten financial systems. Political opposition has been blaming the CPI (M) led left government for their minority appeasement move.
But state government is firm on its stance projecting the example of Britain having an Islamic bank with seven branches where Muslims account for only 3% of population. They also claim that there are nearly 500 Islamic finance institutions worldwide, managing $1 trillion in assets.
The promoters of Al-Baraka proposed that Indian banking regulations would be changed to accommodate Islamic banking services. It would benefit the largest minority of the country as well as those who wish for interest-free banking services.
Regards
ZULKIFLI HASAN
43 Comments
done
Salam,
This is Parvez Khan a Muslim from Gujarat State of India seeking for Interest free loans, I was really happy when i came to know that Al – Baraka is going to be launched in Kerala, Kochi but I’m worried what about Gujarat ?
Pls advise me if any possibility for us (Gujarat Muslims) to get these Interest Free loans !
Thanks & Best Regards,
Parvez Khan
Bhavnagar – Gujarat
This is murtaza a Muslim from maharashtra State of India seeking for Interest free loans, I was really happy when i came to know that Al – Baraka is going to be launched in Kerala, Kochi but I’m worried what about maharashtra ?
Pls advise me if any possibility for us to get these Interest Free loans !
Thanks & Best Regards,
murtaza ali gandhi
phulari gali, mominpura,
Akola
Could i get the address and email of Al Barakh Financial Services, Kerala
can i get the details of functioning of this in India & hw to get an account with this bank. Iam a resident of Bangalore,
regards
imtiyaz ahmed b k
sir mara nam shareque hain main aurangabad se hu mujhe hom loan hona magar intres free kya mari madat karo ga
ASSALAMUALAIKUM
Mashaallah
Alhamdulillah
I AM VERY HAPPY TO SEE THIS INTREST FREE BANKING SYSTEM
I AM FROM BOMBAY
PLEASE HELP ME TO OPERATE IN ISLAMIC FINANCE AND BANKING
I AM IN TRADING BUSINESS
I DO SMALL TURN OVER
ONLY UP TO MY CAPITAL
BUT I WANTS TO DO SOME BIG
ONLY IN ISLAMIC MANNER
PLEASE HELP ME
ASSALAMUALAIKUM
loan for factory if your company is ready 2011 at 7:25 am
This is Hussain a Muslim from chennai in tamil nadu State of India this is my E-mail ID jazgenius@gmail.com pl z reply me any thing is avail seeking for Interest free loans, I was really happy when i came to know that Al – Baraka is going to be launched in Kerala, Kochi but I’m worried what about chennai tamil nadu ?
Pls advise me if any possibility for us to get these Interest Free loans !
Thanks & Best Regards,
Hussain, jazgenius@gmail.com
I need a home loan based on islamic finance . Can you please assist me from where I can avail this loan in kerala
Assalamualaikum,
Good to hear that India is launching the Intereset Free Islamic banking. May Allah Reward those who has taken the initiative.
Assalamualaikum I Good to hear that India is launching Intereset Free Islamic bank masha allah thans god I like islamic bank
by Rahman Trivandrum
Asslamu alaikum
my name is sahil khan from dharawad karnataka i want interest free home loan. i am working in a mnc company in dharawad plz rply me on my id sahil787@gmail.com
khuda hafiz
Reply
i want to hav an interest fri loan for business
Assallwalkum
I am abrar qureshi from Aurangabad Maharashtra , i left my job due to Haram from last 6 months ia m job less , and i found one bussiness in which i shot of some capital and i want intrest free loan .
Kindly suggest how can i take benifit of ur bank .
Thanks & regard
Abrar qureshi
Aurangabad MS
Email id : Abrarqureshi99@rediffmail.com
its very nice to hear about I Banking
i want to open an account plz furnish the details
Thanks
As salam alai kum to all my muslim brothers and mubarak to all of the people who have done there job to bring islamic bank in kerala , hope so insha allah it will spread all over india and other countrys….
I am looking for loan on islamic way , kindly contact me back or mail me on my id abdulazeez_28@yahoo.co.in about the loan process ASAP as i am in very urgent for the same , pls update the complete details to get the loan and open an account wiht contact details….
Allah hafiz
abdul azeez
Bangalore
Salaam Alaikum brothers
I am in need of Home loan to purchase a falt in AP . is this Islamic Bank is in functioning ? are people getting loan from this bank ? Can I from Andhra Pradesh get the loan ? Please reply me as soon as possible.
I am Habeebur Rahman from Tamilnadu and email id is habeebparas36@yahoo.co.in. let me know where can we open savings account of your bank
Alhadulillah. this initiation will definately benefit the muslims in India.
Assalaam mu alaikum wa rahamathulahi wa barakathu!!
Dear Brothers,
i am marzuq from chennai i would like to get interest free home loan please let me know if any one of you aware
email id : marzuq4peace@gmail.com
Assalam Alaikum
Dear brother and sisters
I am very happy about the interest free loan. My name is S.Mahaboob i from krishnagiri DIstrict of Tamilnadu state. I need business loan to establish my office and business. If any body interest to provide me loan on the basis of interest free, please contact and help me,
E Mail ID: Mahaboobkhanpa@gmail.com
Assalam Alaikum.
Please inform me about interest free loan details. I am in need of interest free business loan to do self employment. I am from Krishnagiri District of Tamil nadus state.
My name is Syed Thasthagir
EMail ID: Ssd@gmail.com
ASWK , JAzakallahi khair, These seems to be much relief to the greig stricken muslims in india.Iwould also like to be a member in your bank and avail interest free loans.
i like islam i know muhammed ilike it their movements he is historical light in ignorence
u know muhammed u can know every thing to islam u should study better muhammed means …………………………………………………….
Asalamu alikum, Am from tamil nadu chennai. Am looking for intrest free housing finance. Pls advice me. It good to here Al Baraka is in kerala. But am worried abt chennai muslims.
I am Naseruddin Noorani from Guwahati, Assam
I am very happy about the Islamic Banking in India. Can I open an account in Islamic Bank ?
it will be marked as one of the memorable movements in the indian banking industry.With best wishes and prayer
ASSALAMUALAIKUM Iam muhammed bilal from andhra pradesh . can I open an account in Islamic Bank ?
Assalamu alaikum. i am very much happy about AL BARAKA. How can i open a account in islamic bank? And also i need business loan, plz help me
Assalamu Alaykum Barakallahu-Fee. Allah Barkat den aur apko aur apke supporters ke efforts ko Qubul karen Aameen.
I am working in Islamic Research Centre (IRC) Aurangabad. As a Administrator since couple of years we are running Bait-ul Maal system. I expect moral support to implement Islamic Banking in India. Pls share ur experience & feel free for any sort of help in this field. kEEP IT UP. +91-9096104283. JazakAllahu Khaira.
congratlation for gaining islamic banking and for implimenting islamic finance
My self Syed Masrat Ali
Sir,I need intrest free loan for business.to established a manufaturing unit in Maharashtra .Sir,When you will launch this facility in Maharashtra ?
masratak1_ali@rediffmail.com
Assalamuaalikum,
It has given me grate happiness that finally your state govt.has allowed islamic banking in kerala state.I am from kashmir n m putting RK 600tpd cement plant at kashmir.The project has been approved by thr state govt.n central govt.The total cost of the project is Rs.120cr.I needs an islamic financial institute by which my project will get financed r a partner for joint venture.
thanks
MASARAT ALAM BANDAY
for himalayan peak cements pvt.ltd
09419777459,09797134366
Assalamualaikum,
Iam from Mumbai, hv been trying to purchase a home from past 10 years but couldnt do it as the rate of interest is quite high, we are staying on rent basis and now even staying on rent has also become a challenge. I have gone through your site and was very happy and relieved to read that we can get interest free home loan. May allah bless you with health wealth and happiness, may allah give you success in this life and later life ameen. Please kindly help us with this problem, and forward the necessary requirements to avail your services.
Thanx
Looking forward for a postive reply from you.
Allah hafiz
Contact details : 09833454092
email id: gulfisha_ansari@yahoo.com
Assalamaqum
i am saifulla from maharastra
i have bussiness of textile
Now I am interested expand my bussiness so that i need finance around 1.50 crore.
so plz help me
plz call me- +91 9326317999
or give ur contact number
a a,i am putting a cement plant of 1000-2000tpd capacity in kashmir n i will be more innterested in islamic financing,if some body aware r interested kindly guide n help me.
masarat alam MD
HIMALAYAN PEAK CEMENTS PVT.LTD
09419777459,09797134366
Assalaam mu alaikum wa rahamathulahi wa barakathu!!
Masha Allah, It’s been a very great privilage to our community…
we are here to start a minority institution (Academy) and we are in need
of intrest free loan (halal).
please guide us to do our motto useful to our community…
assalamwalekum sir, i want to have an intrest free loan for business. 08983110540
Assalamu alaikum (WARH)..
I am habeeb rahman from tamil nadu and my mail id id : habeeb.ngr@gmail.com
Alhamdulillah..
Its very nice to hear.. Am very happy..
Let me know where can i open savings account in your islamic bank.. I am very interest to open account in islamic bank.
I need loan i take one goods tempo
assalamualaykum mujhe ghar banane ke liye 100000 r ki bahut jarurat h agar apki bank mujhe lone dedegi to bahut meharbani hogi me inshaallah is karj ko 2 saal me ada kar dunga
mera ghar u p me h me delhi me rehta hu mo n 7053486241