Introduction
Shariat Finance deals with an “Interest-free Economic System” that helps to maintain a social equilibrium. It envisages eradication of social imbalance by encouraging lawful transactions. This is a new venture and is the first of its kind in Tamil Nadu. Interest in any form in averse to the Islamic way of life, declare the Holy Quar-an in unequivocal terms:
“Those who devour usury will not stand except as stands one whom the Evil one by this touch hath driven to madness. That is because they say, ” Trade is like usury”, but God hath permitted Trade and forbidden usury”. (Quar-an 2:275)
“O ye who believe! Fear God and give up what remains of your demand for usury if ye are indeed believers. If ye do it not, take notice of war from God and his Apostle; but if ye turn back ye shall have your capital sums. Deal not unjustly and ye shall not be dealt with unjustly.” (Quar-an 2:278-279)
The Holy Prophet Muhammad ( Peace be upon him) has also condemned taking, giving, writing the accounts of, and bearing witness to interest and transactions thereof and warned of dire consequences here in this world and in the hereafter. Seyad Shariat Finance Ltd. Is a non-banking financial company, approved by the Reserve Bank of India as a Leasing company and registered under the Indian Companies Act, 1956. It strictly adheres to the sanctions of the Shariah and ventures to pioneer various schemes to promote industry, to establish business and on Islamic Principles. The Promoters are "Seyad Group of Companies", the owners of SEYADU BEEDI COMPANY and SEYAD COTTON MILLS LTD., headed by the Chairman and Managing Director, a well-known industrialist and businessman of Tirunelveli. Seyad Shariat Finance Ltd. is controlled by a dedicated team of Board of Directors. The moment one comes across the term : "Financial Institution" the first and foremost thing that strikes one's mind is “Interest”. One may wonder how a finance company can function without earning interest. The fact is, it is feasible, it has worked successfully in the Gulf and other countries and has proved to be viable beyond doubt. Such institutions have been established in our country too, in cities like Bombay and Bangalore and have been functioning quite successfully and profitably. There is a subtle difference between Seyad Shariat Finance and other finance companies. Other financial institutions advertise for deposits and offer interest periodically. But “Shariat Finance” accepts investments, deposits, recurring deposits and pays “Bonus” out of the profit earned by the company subject to the maximum bonus stipulated by the Reserve Bank of India. As the profits fluctuate, so also the Bonus. Seyad Shariat Finance Ltd. offers comprehensive package schemes. Registration with Reserve Bank of India: Seyad Shariat Finance Limited has got Registered with Reserve Bank of India and the certificate of registration has been received U/S 45-IA of the Reserve Bank of India's Act, 1934. REGISTRATION NO. 07.00364 Rating: We are pleased to inform you that the Seyad Shariat Finance Limited is rated by ICRA has upgraded the rating MB+ to MA- indicate Adequate Safety. |
