Islamic Banking System is better for India – RBI Director

Former Director of the RBI says “Banking Regulation Act, 1949 without changes in India’s Islamic banking system can be implemented. Oligopoly of people and marginalized people for Avm deliberative will prove a boon for Islamic banking system”.

Reserve Bank’s former director Mr Abdul Hsib Jamaat in Mumbai said the seminar held last year under the theme of  ’Global Financial Crisis and Islamic Economic System’.

Islamic economic system in India, his advocate said that “Raghuram Rajan Committee for improving the economic sector, given the fact that Islamic banking system it is best told. India’s Islamic banking system for improving the economic sector to implement best would be more effective. “

The Islamic banking system and interest-free banking system and the information that many countries of the world that have interest-free banking system and its effective too.

New century while the world is recession and all are facing economic troubles, the solution for this to re-think. Islamic banking and economic system that it deservedly is unaffected and even a feature that ‘caring and Sharing’, transparent and it is close to human values and principles.”, Islamic Banking, governor of the National Committee Sir Abdur — raqeeb the Tipnni, “while Japan, France, England and billions of dollars for trade liberalization Mulkh though the adoption are welcome so why can not we”, he further argued.

He also clarified that in the minds of people that this economic system is only for Muslims, it is wrong because the system is successful and all over India for global Insha – Allah. Islamic banking and financial system is in the interest of all humanity.

“Opacity and interest has also encouraged more economic disasters, has led billions of dollars damage.” Dr. Srikh Nisar (economist and scholar of Islamic banking system) has been analyzed speculation of Interest Free Loan, Leasing The Islamic banking system, stating that these services and products primarily to Mudaraba (speculation), Krd – e – Hsna (Interest Free Loan), farm (Leasing) is etc.. People should study alternative economic system so that they know It’s better than the existing banking system to “

Translated from hindi