Religious edict bans investment

Press, 5 March 1988, Page 32

Religious edict bans investment

By

ANIRUDDHA MOOKERJEE

NZPA-Reuter Calcutta A religious edict banning interest-bearing investments has created turmoil among the Dawobdi Bohras, a mercantile Muslim sect almost entirely confined to India.

The Bohras, renowned as India’s richest and most commerce-minded Muslims, have ; hitherto been little affected iby the strict interpretation of Islamic law practised in some other countries.

But recently the Anju-man-e-burhani, i the highest Bohra i religious body, issued a proclamation threatening them with excommunication if they did not cancel their interest-earning ; investments within 60 days. Syedna Muhammad Burhanuddin, ‘ spiritual leader of the sect, who signed the edict; for good measure added (that from now on he would i not grant audience to , unbearded men or unveiled women. i I

“The Syedna controls our lives and gives them a proper direction. If. he

says so we will have to withdraw our deposits," said Ali Asgar, a devout Bohra. “A ban from the Syedna is the worst pos? sible thing that can happ pen.” Numbering only about a million, Dawoodi Bohras, a sub-sect of Shia Islam which evolved some 800 years ago in Yemen anti migrated to India soon afterwards, are renowned as the country’s wealthiest Muslims. More than 9’o per cent of them ar[e engaged in trade. ' The greatest concentrations are around Bombay and in the western state of Gujerat — the word Bohra means traders in Gujerati. However, it was in Calcutta, where only 6000 of the sect live, that the antiinterest edict was proclaimed during a visit by the Syedna. Based on the ban on usury contained in the Koran, the Muslim holy book, it asks Bohras to declare in writing that they have withdrawn their interest-earning funds from banks, insurance companies and other

sources or else face excommunication. ' “You can say more thair 90 per cent of the Bohras in the city have withdrawn their deposits from the banks,” said a con[imunity member, Tipu Patanwaia. “Action will be { taken against those who have not! yet done so.’fi Many Bohras in Calcutta are believed to be maintaining their bank accounts under fictitious names and the two city branches which do 30 per cent of their business with the sect said they were noi unduly worried. (‘Many came to us with their problems and we found them a -convenient way out of the mess,” one bank official said. "This edict is absurd, however Islamic it might be.” {However, the Syedna’s assertion of control over th[e personal lives of ipembers, for reasons he has not explained, has led tcjj a strong reformist movement. ;

(“Prophet Mohammed declared usury, and not interest, unholy. The indignities, insults and

harassment being inflicted on jus in the name of religion are far from Islamic,” said Zulfikar Ali, who lives in Calcutta. The reformists also allege that the Syedna does not { practise w’hat he preaches.

“He and his family control investments in various companies in India and Pakistan and yet he commands us to withdraw ours,” said Shakir Hussein, another reformist. “And what he invests is our money that we pay as an annual tax to him,” he added.

The Syedna claims direct links with Allah I and each incumbent nom- i inates his heir, theoreti- j cally the best theologian i available in the commun- I ity. i

Undeterred, the present j incumbent levies a mini-) mum charge of 5252 { rupees ($610) on every Dawoodi Bohra family, i Because he is fifty-second) in the line of Syednas andj the number is considered) auspicious, members are) encouraged to pay irnnul-! tiples of this basic unit, i