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Krishna Iyer hails Islamic banking

KOCHI: The former Judge of the Supreme Court of India V.R. Krishna Iyer said here on Monday that Islamic banking provided the humane face to the business of banking and it took into consideration the needs of the poor with kindness and compassion.

He was inaugurating an international seminar on ‘Islamic Finance in India: Products, Institutions and Regulations.'

Mr. Iyer said Islamic banking was not limited to any particular community or faith but open to all.

Convener of the National Committee on Islamic Banking H. Abdur Raqeeb chaired the inaugural session, that was attended, among others, by Members of Parliament E.T. Mohammed Basheer and M.I. Shanavas.

Investment

Special Correspondent adds: Earlier, addressing a press conference, Muddassir Siddiqui, a leading authority on interest-free banking, said the adoption of interest-free banking system offered a great opportunity to attract substantial investments from countries in the West Asian region to India.

He said institutions and high net worth individuals from these countries were looking forward to investment opportunities in India.

The traditional relationship between India and Arab countries would also act as catalyst for selecting India as the investment destination, he added.

According to projections by global consultant major, McKinsey, investment surplus in the West Asian region is expected to be around $9 trillion by 2020.

India could attract a good portion of this huge investment potential by developing the appropriate regulatory framework, Mr. Abdur Raqeeb said.

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