Thousands of crores lying unaccounted in banks across the country and belonging to Muslims could be used for the uplift of the poor section of the community, provided the RBI gives the go-ahead. A move to such an effect has been put forward to the Union finance ministry by the National Commission for Minorities (NCM) chairman Wajahat Habibullah. Habibullah’s idea is based on the Islamic tenet which considers giving and receiving interest against the cause of the religion. This has resulted in a huge amount of money lying unaccounted in banks, which the NCM hopes could be somehow made use of for the benefit of Muslims in India. And one of them is opening the doors to ‘interest-free’ banking in India for the community.
Wajahat Habibullah Requests Rbi To Look Out For Interest-free Banking
Thousands of crores lying unaccounted in banks across the country and belonging to Muslims could be used for the uplift of the poor section of the community, provided the RBI gives the go-ahead. A move to such an effect has been put forward to the Union finance ministry
