LDF Govt’s Islamic bank

The Kerala High Court daunting a stay on the measures for the establishment of country’s first Islamic bank for attracting investments needed for the development works from Gulf-based NRIs is a remarkable action to be much valued. The former Union law minister Subramanian Swamy desertves a clap for his action. No doubt the interest-free system of the planned Islamic bank is at odds to the banking laws of the country and out rightly against the secularist fabric of the nation.

The trick in the proposed plan could be understood on checking the share of State-owned Kerala State Industrial Development Corporation (KSIDC), which is only 11 percent. The remaining 89 percent is owned by private investors presumably the binamis of the politicians and communal outfits. If allowed to function, the Islamic bank will run as a parallel economic system damaging the financial prospects of the state. The Islamic bank would make the present banking system of the country precarious.

At present in Kerala a parallel economy runs by way of havala money and backings to terrorists. The recent boom in realty is the result of this huge unaccounted money. As the dubious hands in these fake money deals are at present under scanner, the idea of Thomas Isaac and Elamaram Kareem to start Islamic bank is a premeditated way to legitimize the black money. CPM led Government favoring the idea of starting an Islamic bank is resulted from the greed for money by the neo-liberalistic politicians of the party. The installation of the Islamic bank is a blatant corruption in the State to torpedo the economic sustainability of the State.

The People of Kerala must implore our government, and if necessary protest in the streets, until those do not respect our constitution are removed from public office. The people of Kerala are to be on the hook to do whatever is needed to ensure that our elected ministers to perform their jobs with honesty, and accountability. It is very imperative to support the endeavor of Subramanian Swamy.

K A Solaman