Denemek ALTIN - Özgür
Unaccounted For
The Caravan
|July 2017
The relentless efforts to get Islamic finance recognised in India

It was 10 am, which meant that the time for transactions had officially begun. On a weekday morning in mid June, Anjum, a 42-year-old jewellery seller, arrived at the Al-Khair Cooperative Credit Society’s Delhi branch, in a tall building in Okhla. Clothes-lines ran through the small office, which doubles as a makeshift guest house for visitors from far-off places who need a place to stay.
With 13 branches across India, AlKhair is an Islamic-finance organisation; it operates according to an ethical framework inspired by Islamic texts and values. Anjum had arrived at the Delhi branch in search of a small loan of R15,000, to purchase raw materials for her jewellery business. She chose to approach Al-Khair instead of a conventional bank, she told me, because conventional banks “take much longer to hand out loans,” and “demand all sorts of written files from poor people.”
Reyaz Ahmad, the branch manager at Al-Khair’s Delhi office, sat down with Anjum to discuss her request. Throughout their conversation, Ahmad highlighted the fact that Al-Khair, like nearly all Islamic-finance outfits, does not charge interest. “Normally, in the case of interest, bankers try to reap benefits—which we don’t do,” Ahmad told me. “Sharia law encourages us to minimise monetary benefits.”
Bu hikaye The Caravan dergisinin July 2017 baskısından alınmıştır.
Binlerce özenle seçilmiş premium hikayeye ve 9.000'den fazla dergi ve gazeteye erişmek için Magzter GOLD'a abone olun.
Zaten abone misiniz? Oturum aç
The Caravan'den DAHA FAZLA HİKAYE

The Caravan
RESISTING PERSECUTION
Muslim prisoners' writings in contemporary India
23 mins
June 2025

The Caravan
THE DOMESTIC PROFITS OF WAR
The India-Pakistan conflict is sustaining the political projects of their leaders
18 mins
June 2025

The Caravan
THE AFTERMATH
Custodial killings, detentions and demolitions haunt a mourning Kashmir
20 mins
June 2025

The Caravan
DY Patil Deemed to be University, Navi Mumbai: A Legacy of Excellence in Education, Healthcare, Technology and Sports
In the heart of Navi Mumbai, DY Patil Deemed to be University stands as a beacon of educational excellence and innovation. Under the dynamic leadership of Chancellor and President Dr. Vijay D. Patil, the university has transformed challenges into opportunities, embodying a deep commitment to shaping a better future through education, healthcare, technology, and sports.
4 mins
June 2025

The Caravan
KARNATAKA RESIDENTIAL EDUCATIONAL INSTITUTIONS SOCIETY-KREIS
\"Building Brighter Tomorrows through Quality Education\"
11 mins
June 2025

The Caravan
FAULT LINES
The pre-Sanskritic roots of Indian languages
6 mins
June 2025

The Caravan
Vermillion Lines
Operation Sindoor and the delusion of deterrence
29 mins
June 2025

The Caravan
THE LEDE
Pedalling Promises Delhi's struggles with cycling /Communities
8 mins
June 2025

The Caravan
SEPARATED LIVES
Kenya's invisibilised waste pickers
4 mins
June 2025

The Caravan
The Nuclear Garden Path
The logic of nuclear deterrence and its false assurances of safety
14 mins
June 2025