Hailing the recent statement of Mushtaq Ahmad, Chairman of Jammu and Kashmir Bank wherein the later had stated that Islamic banking has tremendous scope in the state, Mirwaiz Umar Farooq, Chairman Hurriyat Conference (M) Saturday asked the Bank authorities to take initiative in this regard.
While talking to KNS, the Mirwaiz maintained that he was always with the opinion that the Islamic banking must be introduced here with zeal and zest. “The concept has already been introduced in several Muslim and non-Muslim countries and our state being the Muslim majority, one must welcome the step.”
The Huriyat (M) Chairman further stated that the Reserve Bank of India (RBI) has already given its nod to the Islamic banking so that it is introduced in some states including Kerala. “JK Bank here should push for the introduction of the Islamic banking in the state so that the people could get benefitted through the concept at large.”
It is pertinent to mention that the Jammu and Kashmir Bank chairman Mushtaq Ahmad recently had told KNS that there is a huge scope for Islamic banking in the state but the concept needs to be understood in its right perspective and the permission for the facility has to come from the Reserve Bank of India (RBI).
The JK Bank chairman had observed: “I believe there is a huge scope for Islamic banking in the state but it needs to be understood in its right perspective. It is a regulatory issue and as such permission has to come from the RBI for which the Parliament has to enact law.”
He said that as of now, the JK Bank is governed by Banking Regulations Act which deals only with interest bearing banking and regulatory issues.