The Jeddah-based Indian Forum for Interest-free Banking (IFIB) has launched a goat-farming project in Kerala with the support of a local organization, said V.K. Abdul Aziz, secretary-general of IFIB. The forum mobilized interest-free finance for the project aimed at poverty alleviation.

Speaking to Arab News, he said: “We decided to support the project in order to show that Islamic finance is a good solution for eradicating poverty in India, and strengthening the country’s economy. The project will benefit not only investors but also the poor farmers.”

He said the project in Naduwil (Kannuar) was officially inaugurated by Syed Munawar Ali Shihab Thangal, who commended IFIB for funding such projects aimed at improving the condition of the poor and enabling them to get money required for a decent living.

K.C. Joseph, minister for rural development, planning, culture and NORKA, applauded the project while Justice P.K. Shamsuddin stressed the need for opening similar projects all over Kerala to alleviate economic difficulties of thousands of poor families in the state.

Abdul Aziz, who is also director of Al-Hayat International School, said Indian Consul General Faiz Kidwai recently released his book titled by “Interest-free Banking and Cooperative Insurance” during a function in Jeddah. Justice Shamsuddin released the book earlier in Kerala by giving a copy to Lata Raju, principal of Maharajas College in Ernakulam.

He said Islamic finance is capable of solving the economic problems facing the humanity. Based on profit sharing, the system encourages wealthy people to invest their money in constructive projects, thus contributing to the development of real economy and eradication of poverty.

Abdul Aziz has contributed a research library on Islamic banking and finance to Maharajas in association with the Indian Center for Ethical Economics in Kochi to promote studies on alternative economic systems. “Researchers all over the world can make use of the library.”