Eye on 2014, UPA warms to Islamic banking

[email protected] (The New Indian Express)
October 20, 2013
New Delhi, Oct 20: Firm in its belief that minorities will fetch it majority in 2014, a section of the Congress-led UPA is pulling all stops to introduce Sharia-based Islamic Banking in the country.
islamic_banking

Islamic banking complies with Islamic law (Sharia) and is guided by the religion's brand of economics that prohibits collection and payment of interest. It disallows investments in businesses considered unlawful, or haraam, like selling alcohol, pork or pornography. As Islam forbids simply lending out money at interest, rules on transactions have been created to prevent it. The basic principle of Islamic Banking is based on risk-sharing which is a component of trade rather than risk-transfer which is seen in conventional banking. It introduces concepts such as profit sharing, safekeeping, joint venture, cost plus, and leasing.

RBI supports

The idea of introducing Islamic Banking was first mooted by RBI governor Raghuram Rajan, now the UPA's poster boy of economic revival, back in 2008. With the MIT-educated former IMF economist now in the driver's seat, Islamic Banking lobbyists within the government are making deft moves to follow through that recommendation.

Though the matter comes under the Finance Ministry's ambit, spearheading the lobbyists is K Rehman Khan, the Minister for Minority Affairs. A staunch supporter of Islamic Banking, Khan met Rajan immediately after he took over as RBI boss last month. “The new RBI chief was very positive on the subject'' said a source in the ministry.

According to the source, the RBI chief made it clear to the minister that the decision was more political than financial. The ministry, thus, is preparing a blueprint explaining the positive impact Islamic Banking could have on the Indian economy, for circulation among stakeholders.

“It is natural for others to have apprehensions about an initiative called Islamic Banking. Our effort would be allay these fears,” said an official assigned the task of implementing it. Though the PM, Planning Commission boss Montek Singh Ahluwalia and Finance Minister P Chidambaram are in favour of the system, others in the government need convincing.

In 2008, Rajan as head of the High Level Committee on Financial Sector Reforms had recommended interest free finance should be introduced in the main banking sector for growth with inclusion. “The non-availability of interest-free banking products (where return to investor is tied to the bearing of risk, in accordance with principles of that faith) results in some Indians, including economically disadvantaged, unable to access banking products and services due to reasons of faith. This non-availability denies India access to savings from other countries in the region,” he had noted.

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News Network
December 5,2025

Mangaluru: In a significant step to curb online hate and intimidation, Mangaluru City Police have registered a suo motu case against multiple Instagram accounts accused of circulating alleged provocative and threatening content.

While monitoring social media activity on Tuesday, Kankanady Town PSI Anitha Nikkam identified the Instagram handle ‘team_targetttt_900’ for posting a hate message alongside images of lethal weapons. Another account, ‘team_nagara_900’, allegedly shared a threatening post targeting activist Bharath Kumdelu, tagging additional pages such as KARAVALI-OFFICIAL.

Several other accounts — including ‘immu_bhai.fan’, ‘target_boy_900’, ‘kings_of_manglore’, ‘team_target_boys.900’, ‘arshad_mangalore’, ‘target_ka19_ullal’, ‘team_target__’, ‘troll_tigersz_900’, ‘tr_group_900’, and ‘team_target_900’ — are also under scrutiny for spreading similar inflammatory material, police said.

Authorities have urged citizens, especially young social media users, to report suspicious pages and avoid engaging with groups that glorify violence or threaten individuals. Online hate can quickly escalate into real-world harm, and police stress that sharing or promoting such content can attract legal consequences.

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News Network
December 15,2025

Udupi, Dec 15: What was meant to be a post-pilgrimage gathering turned tragic in Padukere village of Brahmavar taluk, Udupi district, late Sunday night, when a clash among youths escalated into a fatal assault, leaving one man dead.

The victim has been identified as 30-year-old Santosh Mogaveera, a resident of Padukere.

According to preliminary information, the incident took place during a late-night drinking party involving a group of local youths who had recently returned after completing their pilgrimage to the Sabarimala shrine. An argument reportedly broke out among the group and soon escalated into a violent confrontation.

During the ensuing brawl, Santosh Mogaveera was allegedly assaulted and collapsed at the spot after sustaining serious injuries. He was rushed by local residents to a private hospital in Brahmavar, where doctors declared him dead.

On receiving information, senior police officials, including Brahmavar Circle Inspector Gopikrishna, Kota Police Sub-Inspector Praveen Kumar T, Station ASI Manthesh Jabagoudar, and head constables Pradeep and Ashok, visited the spot and conducted an inspection.

Police have taken four youths into custody in connection with the incident. A case has been registered at the Kota police station, and further investigation is underway to ascertain the exact sequence of events leading to the death.

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News Network
December 19,2025

Mangaluru: In a decisive move to tackle the city’s deteriorating sanitation infrastructure, the Mangaluru City Corporation (MCC) has announced a massive ₹1,200 crore action plan to overhaul its underground drainage (UGD) network.

The initiative, spearheaded by Deputy Commissioner and MCC Administrator Darshan HV, aims to bridge "missing links" in the current system that have left residents grappling with overflowing sewage and environmental hazards.

The Breaking Point

The announcement follows a high-intensity phone-in session on Thursday, where the DC was flooded with grievances from frustrated citizens. Residents, including Savithri from Yekkur, described a harrowing reality: raw sewage from apartments leaking into stormwater drains, creating a "permanent stink" and turning residential zones into mosquito breeding grounds.

"We are facing immense difficulties due to the stench and the health risks. Local officials have remained silent until now," one resident reported during the session.

The Strategy: A Six-Year Vision

DC Darshan HV confirmed that the proposed plan is not a temporary patch but a comprehensive six-year roadmap designed to accommodate Mangaluru’s projected population growth. Key highlights of the plan include:

•    Infrastructure Expansion: Laying additional pipelines to connect older neighborhoods to the main grid.

•    STP Crackdown: Stricter enforcement of Sewage Treatment Plant (STP) regulations. While new apartments are required to have functional STPs, many older buildings lack them entirely, and several newer units are reportedly non-functional.

•    Budgetary Push: The plan has already been discussed with the district in-charge minister and the Secretary of the Urban Development Department. It is slated for formal presentation in the upcoming state budget.

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