KOCHI: Islamic banking could be used for the overall infrastructure development of Kerala, former finance minister T M Thomas Isaac said. He was speaking at seminar on ‘Islamic Banking: Scopes and Challenges’, organised by Samastha Kerala Jamiyyathul-Ulama, in Kochi on Monday.“We need huge funds for development. Islamic banking can contribute to the development of the state in a big way. “They promised the previous government of a Rs 50,000 crore investment in the state,” Isaac said.The concept of interest-free banking will be the best alternative for the Western system which predominantly focuses on amassing money through money itself, he said.“We are in the age of financial capitalism. During 1970-80 about 22 per cent of the total wealth of the United States was controlled by a mere one per cent of the people there. Now this has increased to 40 per cent,” he said.He also slammed the argument that Islamic banking is exclusively for Muslims and said all such apprehensions were caused by ignorance. District general secretary V A Abdul Hameed Saqafi, treasurer O K Abdul Hakeem Musliyar, president P A Abdul Kader Madani, economist A B Aliyar, Islamic economists Basheer Faizi Vennakode and Muhammed Ali Saqafi were all present at the seminar.
Comments
0 comment