KALAMASSERY: The interest-free Islamic banking system would do good for the society, former Finance Minister Thomas Isaac said here on Saturday. He was inaugurating a seminar on Islamic banking organised by Ernakulam district committee of Kerala Muslim Jama-at Council. Isaac said that he studied all aspects of Islamic banking system for around three years and came to a conclusion that the interest-free banking on the basis of the Islamic faith would be helpful to society. But his budget proposal in this regard was opposed baselessly and wrong information was given by Opposition parties. The present government proposed a separate window system for interest-free banking in treasuries. Treasuries did not study the practical side of the new statement while introducing the system in treasuries. The UDF Government was not sincere in introducing the new system. A separate window in treasuries would attract severe criticism and prove impossible to implement. Sariyath board is essential for the functioning of Islamic banking system and how such a board could function in the treasuries, he asked. T A Ahemed Kabeer MLA presided over the meeting. A scholar in Islamic banking A B Aliyar presented the main theme of Islamic banking in the seminar. District Collector P I Sheik Pareeth, municipal chairman Jamal Manakkadan, former MLA A M Yousef, K A Zacharia, P Arunachalam and T P M Ibrahim Khan spoke.
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