Home / Fiqh & Life / First Islamic Bank Launches in Kerala

First Islamic Bank Launches in Kerala

Kerala CPM is all set to launch its first Sharia-compliant banking institution. The cooperative bank named ‘Halal Fayida Coop Society’ will be located at Kannur.

Minister for Local Administration K T Jaleel will inaugurate the first fund collection event on July 11.

CPM had made the announcement at a seminar conducted by Minority Cultural Coordination Committee of the party on May 25. The move aims to lure Muslim minority into the party.

Like any other Islamic institution, the society will not pay interest on deposits or charge interest on loans. It will also follow ethical financing practices and refrain from lending money for industries like gambling, pornography and liquor, which are considered harmful in Islam.

The party wants the society to function under cooperative banking laws as the state government will have the power to take decisions.

Kerala, historically known as Keralam, is an Indian state in South India on the Malabar Coast. It was formed on 1 November 1956 following the States Reorganisation Act by combining Malayalam-speaking regions.

source:newsable.asianetnews

Related Post

Check Also

Book: The Halal Frontier: Muslim Consumers in a Globalized Market

This book attempts to provide an insight that how religious interpretation, market economy, state interventions and consumption practices create a complex phenomenon in everyday social life that defines the process of...

One comment

  1. Please guide us how we have to invest in it.

Leave a Reply

Your email address will not be published. Required fields are marked *

Real Time Web Analytics