MALAPPURAM: Finance Minister T.M. Thomas Isaac said here on Tuesday that the proposed high-speed rail corridor of Kerala would be in private-public participation (PPP), and that the Delhi Metro had been asked to prepare a detailed project report for it.
“We have not, however, decided the business model,” he told newspersons here. The high-speed rail corridor, he said, would change the face of Kerala. The Minister said the State government had not totally abandoned the Express Highway concept proposed by the previous United Democratic Front government.
Inaugurating a seminar on interest-free banking organised by the Kerala State Industrial Development Corporation (KSIDC) earlier, Dr. Isaac said that the Albarak Finance Services Ltd., the maiden interest-free investment venture backed by the State government, would change the face of the land's development.
He said the Islamic bank could play a vital role in enhancing the infrastructure development of the State.
Minister for Industries Elamaram Karim presided. He said the bank would spend money only in accordance with the Shariat laws. He regretted the delay in setting up Islamic banking though several countries with fewer Muslims than India had successfully started this system.
K.T. Jaleel, MLA, welcomed the gathering. T. Balakrishnan, Additional Chief Secretary; O. Abdurahman, Madhyamam editor; Husain Madavoor, Kerala Nadvathul Mujahideen leader; K.M.A. Rahim, economist and Sunni leader; and Fazal Gafoor, Muslim Education Society president, spoke.