VHP opposes move to set up branch of S Arabia’s Islamic Bank in India

New Delhi : Strongly opposing any move to set up a branch of Saudi Arabia’s Islamic Bank in the country, VHP  warned the government against it saying such banking is against the Indian Constitution and banking norms.

VHP’s joint general secretary Surendra Jain said this is not the first time an attempt has been made to open a branch of Saudi Arabia’s Islamic Development Bank in the country as they were made during UPA. He claimed the bank has proposed to open a branch in Gujarat.

“This is not the first time an attempt was made to bring it in India and earlier too attempts were made and the Kerala High Court had given an order that it is not as per India’s Constitution and is against banking regulations and should not be allowed to be permitted.

“Where ever Islamic banks are functioning the world over, they directly or indirectly support and fund terror activities. Bringing such banks in the country means promoting Islamic fundamentalism and terror activities. We strongly oppose it and we will not allow its opening here,” he said.

Jain said there is no change in the situation as Banking Regulations Act and the RBI Act have to be changed before bringing such banks into the country.

He also said that even in Islam, lending and speculation is considered “anti-Islam” as the bank will make its income from buying of properties, which amounts to speculation.

@Agency report.