An investment worth Rs 50,000 crore is awaiting the state as potential investors from Gulf countries, along with NRK business tycoons, are ready to pump in huge amounts into various projects if the government frames a policy facilitating them to provide funds in a Shariah-compliant manner.
Talking to Express on the sidelines of the ‘Emerging Kerala’ event, key investors from West Asia said they were finding it difficult to channel funds because of lack of suitable financial intermediaries.
‘‘We are familiar with Shariah-compliant transactions and it would have been convenient for us to invest if a similar system is introduced here,’’ said Sina Fattahi, vice-chairman, Potters Wheel Investments.
Meanwhile, the Jeddah-based Indian Forum for Interest-Free Banking on Wednesday submitted a memorandum to the Prime Minister through the Chief Minister, requesting to constitute a high-power committee at the government level to examine the possibility of the introduction of participatory banking in India within the existing legal regime.
‘‘NRKs too are keen to invest in infrastructure projects, especially in road projects if the state takes measures to facilitate the inward remittance of funds through Shariah-compliant financial intermediaries.
“This way, the state can attract up to Rs 50,000 crore in various infrastructure projects,’’ said Mohammed Alungal, managing director of Al-Abeer Medical Group, Jeddah.