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Islamic bank: plea to move Supreme Court

Special Correspondent

KOCHI: The Kerala Muslim Jama-ath Council has urged the State government to move the Supreme Court in order to get the High Court stay lifted on the government move to set up a development bank based on Islamic financial principles.

A. Pookunj, general secretary of the council, contended that the huge sums of money deposited by Muslims in commercial banks without accepting any interest could be used for the State’s development if rerouted to an Islamic banking institution. Non-resident Keralites working in the Gulf as well as Gulf-based banks could invest in such an institution and could thus contribute to the State’s development, he said.

He said that those opposing the setting up of an Islamic bank because of religious animosity were harming the country’s interests and promoting enmity between communities. The High Court had, on a petition by Subramanian Swamy, stayed the government’s plan to set up an Islamic development ban- king institution to attract investments from Gulf workers.

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