There’s growing opposition in India to plans for the nation’s first Shariah-compliant bank to open its doors, according to a new report in Joseph Farah’s G2 Bulletin.
Hindu groups say it has no place in a secular country.
The Islamic Corporation for Development, a subsidiary of the Saudi Arabia-based Islamic Development Bank, is expected to set up its first Indian branch in Gujarat city of Ahmedabad.
The branch would operate as a non-banking financial company, providing loans to small and medium businesses and sharing their profits and losses, instead of charging interest — which is the basis of the Shariah-compliant banking.
Although some Muslim experts believe the financial service offered by the ICD can benefit people belonging to certain underprivileged sections in India, leaders of Vishva Hindu Parishad, India’s largest Hindu religious organization, said the Shariah-based financial institution should not be allowed entry into India because it operates against the country’s principles of secularism.
For the rest of this report, and more, go to Joseph Farah’s G2 Bulletin.
“They are planning to launch ICD to introduce a Shariah-based financial system in India. By establishing it, they are aiming to implement Shariah law and promote Islam in the country,” Surendra Jain, joint general secretary of VHP, told VOA. “Banking activity in India is a totally secular activity. It cannot be controlled by any religious way or any religious system.”
He added, “If as a Hindu I seek a loan from this company, my application will be rejected. They will say, ‘If you convert to Islam, I shall give you an interest-free loan.’ The establishment of this financial company in India will encourage religious conversions in the country.”
But Indian opponents of the ICD appear to be fighting an uphill battle in their campaign against the financial institution.
For the rest of this report, and more, go to Joseph Farah’s G2 Bulletin.
from PropagandaGuard https://propagandaguard.wordpress.com/2016/08/13/india-rebels-against-shariah-bank/
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