The Kerala government's move to start an Islamic financial institution on the lines of Islamic banks has been challenged by Janata Party president Subramanian Swamy in the state high court. Dr Subramanian Swamy has rightly argued in his written petition that the Kerala Government action starting of an Islamic Bank will running counter to the Secular principle enshrined in our constitution. Establishment of such a Bank in one state would lead to a clamour of similar demands from other regions and other states.
The Government Order specified that the proposed Islamic Banking Company will have 11% equity contribution from KSIDC which is fully owned by the Government of Kerala. In his written petition Dr Subramanian Swamy has riveted the point that the setting up of a financial services company with Kerala Government participation, which would follow the injunctions of law of a particular religion like Islam is a clear instance of the Kerala State favouring the religion of Islam.
Kerala government, with the help of KSIDC, intends to develop our state with a secular mind. Starting a project like Islamic banking will help in getting more investments from NRI’s especially muslims staying in many parts of the gulf countries.Kerala government aimed at getting these deposits which will make our economy rich.Dr Subramanian Swamy is of view that Islamic banking cannot follow the reserve bank of India rules and it is unpracraticable. I don’t understand why he is strongly against Islamic banking while he talks more about economic development of India. In my point of view we should welcome these new banking systems which gives economic development.
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