A Division Bench of the Kerala High Court will hear on November 11 further arguments on the two public interest petitions, challenging a government order according sanction for registration of an Islamic finance service company by the Kerala State Industrial Development Corporation (KSIDC).
The hearing of arguments was adjourned on Wednesday by the Bench comprising Chief Justice J. Chelameswar and Justice P.R. Ramachandra Menon. The petitions challenging the order were filed by Janata Party president Subramanian Swamy and Hindu Ayikya Vedi secretary R.V. Babu.
The court on Wednesday heard the arguments made on behalf of the KSIDC. Its counsel argued that KSIDC was a commercial venture and its activities were secular in nature. Besides, there was complete transparency while launching the company.
The counsel for Al Barakah Financial Service Limited (ABFSL), the finance service company, contended that the company was secular. Persons of any religion could subscribe to shares of the company. The counsel refuted the allegation that the company functioned under the Shariah law. The memorandum of association or the Articles of Association of the company did not say that the company would function in accordance with Shariah laws. The company was launched in larger public interest.