Separatist Mirwaiz Wants Islamic Banking In Kashmir, Says RBI’s Refusal Based On ‘Religious Agenda’

Separatist leader and ‘moderate’ Hurriyat Conference chairman Mirwaiz Umar Farooq on Friday expressed regret over the Reserve Bank of India’s (RBI) decision to not pursue the proposal of introducing Islamic banking in the country.

Mirwaiz said the people of Kashmir have been demanding Islamic banking for a long time " to accrue of the benefits of banking as per Islamic law” and alleged that the decision taken by the RBI in this regard was based on a ‘religious agenda’.

“As per the IMF, Islamic finance assets grew at a double-digit growth rate from $200 US billion in 2003 to $1.8 trillion at the end of 2013 that include non-Muslim countries (like) China, Germany, UK & US,” Mirwaiz said in another tweet.

In a major move, the central bank has decided not to pursue a proposal to introduce Islamic banking in the country. Replying to an RTI query, the RBI said the decision was taken after considering the wider and equal opportunities available to all citizens to access banking and financial services.

Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. (PTI)