India urged to adopt interest-free banking system

Updated 10 March 2013
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India urged to adopt interest-free banking system

The Keralite community of Jeddah proudly released the book “Islamic Banking” written by KTM Kutty during a function at Red Sea Palace Hotel here recently. The book is first of its kind to be released in the Malayalam language. Prof. Muhammed Azmi Omar, director general of Islamic Research and Training Institute (IRTI) at the Islamic Development Bank, released the book by handing it to Alungal Muhammed, CMD of Abeer Medical Group. The program was organized by the Islamic Dawah Council in Jeddah.

Prof. Omar gave an informative presentation on the fundamental principles of Islamic banking and called upon the Indian government to make use of the system to boost its economy and exterminate poverty from the country. He talked about transparency in contracts of Islamic banking where everything is explicitly spelled out, and the presence of a third party to ensure Shariah compliancy of Islamic banks and its dealings.

He expounded the need to avoid using the word ‘Islamic’ while introducing interest-free banking systems in a country like India where anything relating to Islam is sensitive. He also gave an overview of the status of Islamic banking around the globe. Although India has the largest number of Muslims, it is difficult to establish an Islamic bank in the country because of the monetary policies of Reserve Bank of India that necessitate any company that lends money to name the interest rate of the institution. He concluded his presentation by reminding the audience that the current status of Islamic banks is in no way perfect because the process of perfecting the system is still an ongoing one.

The book was reviewed by A.M. Sajith of Malayalam News. He was of the opinion that the book was a must read for all Malayalees who wish to understand the fundamentals of Islamic banking. The book gives a very good introduction to the topic.
Muhammed of Al-Abeer gave a felicitation speech praising the effort of the author and encouraged the audience to take further steps in making interest-free banking a norm in our community. Sulaiman Faisi, a mentor of IDC, urged the participants to read the book at least three times so that they understand the concepts thoroughly. “Every Muslim should understand the concepts of the Islamic monetary system.

He also shared the beauty of the zakat system of Islam and explained how zakat would boost a country’s economy. He seconded the view of Prof. Umer saying that the word Islamic should be removed from Islamic banking to be welcomed in countries like India. “The Qur’an is meant for all human beings, so is the monetary system in Islam. So it is not confined to Muslims,” he added.
The author, Kutty shared his experiences in writing the book. The program was attended by representatives from different cultural organizations, the IDB and the media. Muneer welcomed the gathering while Nasser gave a vote of thanks.


Flydubai launches daily flights to Helsinki

Updated 22 April 2018
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Flydubai launches daily flights to Helsinki

Dubai: Low-cost carrier flydubai announced on Sunday the launch of direct flights to Finland’s capital, the first flights to the city offered by a UAE-based carrier.
The service from Dubai International to Helsinki-Vantaa Airport will start on October 11.
“Flydubai will be the first UAE national carrier to offer direct flights to the capital of Finland,” said Hamad Obaidalla, chief commercial officer of flydubai, speaking at the Arabian Travel Market exhibition in Dubai.
“We remain committed to opening up previously underserved markets and to providing more travel options to fly to Dubai and beyond.”
The carrier will operate the new route on its new Boeing 737 MAX 8. Emirates will codeshare on the Helsinki route as part of its partnership with flydubai.