Published — Saturday
"It's inevitable for
IIDI was founded in 2010 with the intention of promoting righteousness and human values in the society through communal harmony and cooperation.
IIDI intends to present a memorandum to Indian Prime Minister
The memorandum stressed the significance of respecting the plurality and diversity of
The memorandum urged the government to give top priority to achieving sustainable development for the entire nation, maintaining communal harmony and peace.
Interest-free banking and finance has functioning models in more than 70 countries around the globe, the memorandum said.
Many western banks have opened participatory banking windows and they cater to the needs of all faith communities.
"Their success has prompted even the government of
"The fundamental objective of the interest-free banking system is to eliminate exploitation of borrowers. It considers lending as an investment and distributes investment risk between the users and suppliers of funds," said
"It has been proven that the interest-free banking shall be a vital tool to strengthen the Indian banking sector, promote foreign participation in large-scale infrastructure projects and ensure active participation of some 20 percent Indian citizens living in the country and abroad in banking and financial activities," Abdul Aziz said.
The move will also help
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