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India: Kerala govt plans to rope in Shariah-based fund for roads

Posted on 11 February 2011

From Indianexpress.com: The Left Front government in Kerala plans to depend heavily on Shariah-based fund from Islamic countries for developing the road network in the state. The budget for 2011-12, presented by Finance Minister Thomas Issac in the Assembly on Thursday, unveiled road development project of Rs 40,000 crore for the next 10 years. The state government has set aside Rs 1,000 crore for the scheme.
In a state where the idea of BOT roads is yet to go down well with the political parties and agitating groups, the government plans to raise a major chunk of the money from the Shariah-based Islamic non-banking financial entity, Al Barakh Financial Services Limited, which has influential NRIs as major stakeholders……………………………………….Full Article: Source

 
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