Marwar Muslim Educational & Welfare
Society has started one more
project of interest free banking in India
and established Marwar Shariah
Cooperative Credit Society Ltd.
Society has organised 1-Day Seminar on
Islamic Banking - A View of Future
in India on 19 May 2009.
The programme was chaired by great scholar
Janab Abdullah Hasni Nadvi of
Nadwatul Ulema, Lucknow. Other
special guest was Swami Laxmi
Shankar Acharya & Dr. Sanjay Pandey.
Mr. Saleem Khilji, President MMEWS, said in
his address that today in 53 countries many
banks are working on the concept of Islamic
Banking or interest free banking. He also
said that in Britain 28, in America 20 banks
are working on Islamic system and in India
also 3 banks are working on this concept.
Islamic banking works on profit-loss sharing
basis which is more humane. Then he informed
the attendees that Society is going to
establish a Cooperative Bank which will work
in housing business and in farming field on
profit-loss sharing basis.
