Excelsior Correspondent
Srinagar, Mar 31: High Court today sought response from the authorities to the PIL seeking feasibility of Introducing Islamic Banking in J&K UT.
The Division Bench of Acting Chief Justice Pankaj Mithal and Justice Sindhu Sharma today granted three weeks time to Chief Secretary of UT, Principal Secretary Finance for filing of their response in opposition to the PIL.
Union Ministry and Reserve Bank and JK Bank was represented by their counsels Tashir Shamsi and J&K Bank was represented by their counsel Senior Advocate Z A Shah and they informed the court that the response on their behalf has been filed however the counsel appearing for JK Government sought some time to respond to the contentions raised in the plea.
The DB granted three weeks time to him for the same. The PIL has been filed by an NGO (Peoples Forum) through its advocate Altaf Haqani seeking direction from the court that Union Ministry of Finance be directed to file response and issue necessary notification for Introduction of Sharia Complaint windows as recommended by Deepak Mohanty Committee and Report of the Inter- Departmental Group of RBI & its Feasibility of Introducing Islamic Banking in India.
The NGO further prays that Reserve Bank of India be commanded to take immediate steps in this constituent banks including the Jammu and Kashmir Bank so as to facilitate Shariah Compliant Windows.
“The Jammu and Kashmir Bank Limited be directed to place the entire details of Non Performing Accounts (NPAs) before this court and the steps taken for recovery of the outstanding amount in NPAs as the same is public money which cannot be allowed to be misappropriated either by the account holders or by the management of the said bank”, reads the petition.
JK Bank, NGO prays, be directed to take immediate steps for opening of Shariah Compliant windows to accomplish the object of mass level participation in Shariah Banking by the people of the state of Jammu and Kashmir in particular and other people of the areas where ever the J&K Bank has established in its branches.
Advocate Haqani submitted that the Chairman J&K Bank, after taking over as the chairman publically made announcements one after the other setting agenda for the bank to introduce Islamic Banking.
“The majorities of the citizens in the state of Jammu and Kashmir are Muslims by faith and thus have a constitutional right to enjoy all avenues of development provided the same do not contravene the article of their faith”, reads the petition.
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