CPM to launch India's first Islamic Bank in Kannur
- This is country's first sharia-compliant banking institution
- The cooperative bank is named Halal Fayida Coop Society
- The bank will start functioning on July 11 and will be located in Kannur
FollowKerala CPM is all set to launch country’s first sharia-compliant banking institution. The cooperative bank named 'Halal Fayida Coop Society' will be located at Kannur.
Minister for Local Administration K T Jaleel will inaugurate the first fund collection event on July 11.
CPM had made the announcement at a seminar conducted by Minority Cultural Coordination Committee of the party on May 25. The move aims to lure Muslim minority into the party.
Also read: CPM to introduce Islamic Banking in Kerala, a first in India
Like any other Islamic institution, the society will not pay interest on deposits or charge interest on loans. It will also follow ethical financing practices and refrain from lending money for industries like gambling, pornography and liquor, which are considered harmful in Islam.
The party wants the society to function under cooperative banking laws as the state government will have the power to take decisions.
