Islamic banking in India?
There was a news recently
"The Reserve Bank of India (RBI) has proposed opening of "Islamic window" in conventional banks for "gradual" introduction of Sharia-compliant or interest-free banking in the country"...What implications does this have if implemented?
1)It will help in religious conversions as most people will convert to get the interest free loans.
2)One section of country will get money interest free and the others will struggle to get loans.Those working hard to make their living will come across a tough time as others will find it relatively easy
3)It will act as a window for all illegal hawala money..Its simple to deposit and withdraw the money as the govt wont have any control over such banks and transactions..The present govt can control illegal transactions only to some extent in such banks but once some other govt takes over,it will be a nightmare for the people of India.
4)When the govt talks about equality,the rules should be same for everybody..Why such different rules?
5)There will be sudden surge in construction of religious places as there would be thousands of individuals and so called NGOs donating in billions and the money would be used against India..
The govt should also think keeping in mind that some other govt will take over in next 10-15 years at the max..The decisions which are being taken should be only taken only after thinking about the long term implications.....Appeasement is not good for the society..It will result in riots...I think it would be the worst decision in the history of India more
"The Reserve Bank of India (RBI) has proposed opening of "Islamic window" in conventional banks for "gradual" introduction of Sharia-compliant or interest-free banking in the country"...What implications does this have if implemented?
1)It will help in religious conversions as most people will convert to get the interest free loans.
2)One section of country will get money interest free and the others will struggle to get loans.Those working hard to make their living will come across a tough time as others will find it relatively easy
3)It will act as a window for all illegal hawala money..Its simple to deposit and withdraw the money as the govt wont have any control over such banks and transactions..The present govt can control illegal transactions only to some extent in such banks but once some other govt takes over,it will be a nightmare for the people of India.
4)When the govt talks about equality,the rules should be same for everybody..Why such different rules?
5)There will be sudden surge in construction of religious places as there would be thousands of individuals and so called NGOs donating in billions and the money would be used against India..
The govt should also think keeping in mind that some other govt will take over in next 10-15 years at the max..The decisions which are being taken should be only taken only after thinking about the long term implications.....Appeasement is not good for the society..It will result in riots...I think it would be the worst decision in the history of India more
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We should also think about our future generations...There are 57 Islamic countries and none of them is secular....I have nothing against Muslims but if I dont want my next generation to be one of the rare breeds in the world...Appeasement is never a good idea...Let everybody follow the same rule.... A wrong step today and millions will curse the act...... more
Nov 24
Its absolutely uncalled for..why is it needed in India which is a secular state? As it is loan rates will fall after Modi Ji's demonetisation move.. more
Nov 24
I do not want my children to suffer because of such wrong moves by the govt...Appeasement business should stop .Economic growth is always required but not at the cost of lives of 1.25 billion people of India more
Nov 24
People will never trust BJP if the proposal becomes a reality.....They will loose all the support and people like me would never look at BJP for anything right...... more
Nov 24
