Written by Kochi: The Kerala High Court Thursday in an interim order restrained the government or state-run organisations from starting Islamic banks, but allowed a private company to start its operations.
The bench headed by Chief Justice J. Chalameshwar allowed Al-Baraka Company to go ahead with its operations.
Former union minister Subramaniam Swamy and one more person had petitioned the court against state-owned Kerala State Industrial Development Corporation starting an Islamic bank with private collaboration.
The court asked the state government to freeze all such activities till a final verdict on the issue.
Chief Minister V.S. Achuthanandan said the state government will look into all aspects of the court’s interim verdict and then decide what needs to be done.
“We have to see if such a thing happens, will it be good for the people or would it be detrimental. So at the moment I do not wish to make any comments. We will study all aspects and then decide,” said Achuthanandan.
Director of Al-Baraka, prominent businessman E.M. Najeeb said, “In the wake of this verdict, the board of the company will soon meet and decide the future course of action.”
Al-Baraka has 14 promoters who have contributed Rs.4.2 crore and a 17-member board with prominent Middle East businessman P. Mohammed Ali as its chairman and another businessman, C.K. Menon, as the vice-chairman.
With the latest verdict, three government officials who are on the board of the company will have to step down.
According to the company, the proposed bank will give no interest and a sharia board will decide on what sort of investment to make.
Muslims are the second largest community in the state with close to 24 percent of the 3.2-crore population.
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Dear Sir,
“The moment there is suspicion about a person’s motives, everything he does becomes tainted”. is what Mahatma Gandhi quoted about Truth.
With due respect the hon’ble Court of Law and legislature, i regret to say , with this restriction on Islamic Banking, even the judiciary started double standards while dealing not only with with Muslims but even on Islamic School of Thought. This is apparently the result of a system that has inherent suspicion about the Religion of Truth that is been embraced by all people of knowledge across the globe.
In the past 63 years Mulims in India in the name of reservation politics by all the parties and leaders indeed given an aparthied treatment. Everyone used politics of black mailing, exploited Muslim community as a Vote Bank and ditched after each election.
However, I respect Kerala Government’s initiative to bring the change. “We must be the change we wish to see”. is what Mahatma said when some one asked about “Change”. The Kerala Government stood to these words of Mahatma. It could have been a first step towards right direction of wealth managment, banking and thereby financial development with stability. The Hon’ble court snatched away the Kerala Government’s opportunity to be a “Model” that could have brought sea of change in our Indian economy and banking.
The alarming fact is the Hon’ble Court heeded to the conspiracy of vested interests who boast of “Desha Bhakthi”; Secularism, Socialism etc.,
Allah’s plan of spearheading sustainability in the system of believers from his own country (people say Kerala as God’s own country) will persist…as Allah has power over all things….(Al-Quran:Surah-al-Baqra:verse-20)