Interest like alcohol is bad for the soceity. but who cares. It has been in our blood since generations and people will be amused if you point that out.
Islamic banking is not to be delegitimised. But, whether KSIDC can support it or not is the decision of Apex Bank and other sanctioning authorities.
We have examples of good practices by SHARIAH INVESTING which is governed by Muslim Laws. They stringently strive for satisfaction of Environmental, Social and Governance (ESG) Criteria. Also strive to promote Socially Responsible Investing (SRI). Some institutions are : (a) Taurus Ethical fund (TEF); (b) Tata Select Equity Fund , and (c) Benchmark Shariah (BoES).
FSDF or Fortis Sustainable Development Fund - formerly ABN AMRO Asset Management Co Ltd. also engaged in this. They observe that if debt to market capitalisation ratio is less than 33%, investments need to be prohibited. Some more are there, but not for now. Hence, debunking Islamic (Shariah - Muslim Laws guided) institutions is not in order. The proposed bank may have some merit, commonsense observation presses my grey cells. I am no expert, though.
Re: British period
by Oye Kake on Feb 04, 2011 06:52 PM
If India would have been declared a hindu state at the time of independence then no Muslim would have ever question this; But India is a secular state and every body has equal rights so now if anybody rises and says that since Hindu are in majority it should be hindu state then its a traitory against India
