ADB to provide money to Muslims in keeping with Sharia tradition

Orthodox Muslims who follow Sharia Law have traditionally had problems accessing money for developing agriculture in Trinidad & Tobago because of their religious beliefs. 

Sharia law prohibits the fixed or floating payment or acceptance of specific interest or fees (known as riba, or usury) for loans of money. 

Now the government is changing the rules to allow Muslims to have access to $100 million from the Agricultural Development Bank (ADB) to fund food production projects without violating their religious principles.

Prime Minister Kamla Persad-Bissessar made the announcement Thursday at an Eid Luncheon at The Diplomatic Centre.

"I can with great certainty state that Government is very adamant and determined to ensure that the agricultural sector continues to grow, leading eventually to Trinidad and Tobago evolving into a food secure nation," she told her Muslim audience. 

"The Board of Directors (of the ADB) shares this vision and is committed to the concept of a food secure nation. But more importantly, I know we all possess the will to execute this vision."

Persad-Bissessar said the Government is pleased to offer financing that respects the Islamic community's code of ethics.

"This occasion we are also celebrating a very positive development in the financial services so we can accommodate our Muslim brothers and sisters which is in line with your teachings. 

"This move...underlines my Government's commitment to not only pursue development, but to pursue development in a manner which truly embraces the rich diversity of our nation," she said.