WORKING HOURS

9:00am to 06:30pm

CALL US

+91 11 29945946

MAIL US

info@icif.in

OPTIMISTIC ABOUT INTRODUCTION OF ISLAMIC BANKING IN INDIA: MD BOMBAY MERCANTILE BANK

MUKEET AKMALI
Srinagar | Nov 16 2017

Managing Director of Bombay Mercantile Bank - a cooperative bank for the minority, Wednesday expressed optimism about the introduction of Islamic banking in India, despite Reserve Bank of India categorically denying permission for it recently.

“BMB has constituted a committee of experts who are going to submit their report on the implementation of the Sharia banking in India,” said MD, BMB, ShahAlam Khan who was speaking at the inauguration of BMB branch at LalChowk.

The bank has shifted its branch from MA Road to LalChowk after it was damaged during 2014 floods.

“Although recently RBI has denied permission to Islamic banking, but we are optimistic that in one way or the other we would get approval to start Sharia banking,” he said. “Bombay mercantile bank is bank of minorities and we have deep connection with Kashmir.”

“When turmoil started here all other banks shifted from Valley. But despite one of our employees was killed, we didn’t shift. Even though RBI also suggested us to do so,” he said adding that “people of Kashmir are honest and they won’t cheat you. It is our experience”.

“Despite such a situation, all our advances were repaid barring few, that too were defaulted by some influential people not common man or small trader,” he said adding that during 2017 floods the local staff saved Riyals worth Rs 7 crore from getting soiled.

“It shows about the character of Kashmiris. Had it been any other place they would have taken the money home and said it was damaged by floods,” he said adding that bank would increase its activities in the Valley.

Chairman, BMB, Zeeshan Mehdi while speaking on the occasion said “Bombay Mercantile Bank is for the Muslim community and we will do whatever is in our capacity to help our people.”

He also said that bank would increase banking activities in Kashmir.

Legal advisor of the bank, Advocate Bashir Sidiq hailed the bank for its efforts to continue operations in Kashmir despite all odds.

“Bombay Mercantile Bank, a cooperative bank, has been established for the minority in the country. The bank has two branches in the Valley. BMB branch at MA Road was inaugurated in Kashmir in 1980 by the two political stalwarts of that time, Sheikh Abdullah and Mirwaiz Muhammad Farooq.”

m.greaterkashmir.com/news/business/optimistic-about-introduction-of-islamic-banking-in-india-md-bombay-mercantile-bank/266134.html

Posted Date : 16 November 2017

News Updates

  • Online admission for second batch of MBA Insurance 2018 - 2020 at Jamia Hamdard

    Online admission for second batch of MBA Insurance 2018 - 2020 at Jamia Hamdard, Deemed University, New Delhi has started. The link is https://admissions. jamiahamdard.edu This insurance course is being run by Jamia Hamdard in collaboration with Asean Institute of Insurance & Risk M...

    Read More
  • ISLAMIC FINANCE EMBRACING SMALL, MEDIUM ENTERPRISES

    There is an ongoing trend in countries with Islamic finance ecosystems of discovering the importance of small and medium enterprises (SMEs) for economic well-being and growth.  Traditionally, SMEs have not played a substantial role in oil-rich Middle Eastern countries where the economy used ...

    Read More
  • INDONESIA PRESIDENT OPTIMISTIC ON GROWTH OF FUNDS FOR MICRO WAKAF BANKS

    Banten, March 14 -- President Joko Widodo (Jokowi) is optimistic that several people would come forward to donate funds to micro 'wakaf' banks in Indonesia, thereby encouraging the development of the micro business sector. "We will push donors as much as possible. I am certain many people want...

    Read More
  • PIL PRAYS FOR ISLAMIC BANKING IN J&K

    High Court Issues Notices; Asks Union Finance Ministry, RBI, J&K Bank, J&K Government To Respond D A RASHID Srinagar, Publish Date: Mar 20 2018 The High Court on Monday asked Union Finance Ministry, Reserve Bank of India, Jammu and Kashmir Government and Jammu and Kashmir Bank to respond t...

    Read More
  • HC ISSUES NOTICES ON FEASIBILITY OF ISLAMIC BANKING

    Srinagar, Mar 19: High Court today sought response from the authorities to the PIL seeking feasibility of introducing Islamic Banking in the State. The Division Bench of Justice Mohammad Yaqoob Mir and Justice D S Thakur granted four weeks time to Union Ministry of Finance, Reserve Bank of India, C...

    Read More
  • ISLAMIC BANKING & FINANCE SUMMIT HELD

    Organized by IBK-Islamic Banking Kashmir On 18th March, Islamic banking and finance summit was held at Hotel City Plaza Durganag Dalgate. The summit was attended by huge gathering besides some key Islamic banking scholars. Dr. Iqbal Malik, the chief coordinator of the event started the proceedin...

    Read More
  • GLOBAL HALAL EXPO INDIA 2018, 31st August-2nd September 2018

    GLOBAL HALAL EXPO INDIA 2018  Co-Located with India Foodex 2018  31st August-2nd September 2018, Bangalore,India Media Today Group, a 22 year old company, is engaged in organizing exhibitions and also publishes trade magazines like Agribusiness & Food Industry , Floriculture Today ...

    Read More