Secunderabad Cooperative Bank AGM Calls for Economic Upliftment and Financial Literacy in Muslim Community

Hyderabad, September 2024: The financial empowerment of the Muslim community took center stage at the annual general body meeting of Secunderabad Cooperative Urban Bank Limited, with a call for greater financial literacy and proactive economic measures.

Prominent speakers, including MLC Amer Ali Khan, emphasized the need for the community to strengthen its financial standing in the face of growing challenges. Khan, addressing the gathering, stressed the importance of economic strength in today’s world, pointing to the community’s need to overcome internal divisions on financial matters, particularly regarding Islamic principles on “riba” (interest). He called for a deeper understanding of these principles, ensuring that financial services are aligned with both religious values and modern banking practices.

“The community must strengthen its economic foundation to meet the demands of the current financial landscape,” Khan said.He also highlighted the importance of insurance as a financial safeguard, particularly in mitigating the impact of unforeseen events such as accidents, medical emergencies, or social unrest.

Reflecting on the healthcare needs of the community, Khan pointed out that medical expenses often force families into financial hardship, driving them to take loans with interest. “Insurance can alleviate this burden and prevent families from falling into financial traps,” he added.

“Every decade, the community makes financial progress, only for it to be undone by external disruptions. Insurance can help the community recover from such setbacks,” Khan noted, advocating for the increased adoption of insurance products such as life, vehicle, and asset insurance.

Syed Zahooruddin, CEO of the bank, outlined the institution’s achievements and its unique relationship with the minority community. He invited members to offer constructive feedback, aiming to further enhance the bank’s services. “Among the 52 cooperative banks in Telangana, our institution holds a distinctive bond with the minority community,” Zahooruddin remarked.

Prof. Mustafa Ali Sarvari encouraged Islamic institutions, particularly madrasas, to deposit funds with the bank, highlighting the potential use of unclaimed interest for community development. He urged stakeholders to recognize the contributions of financial experts like Mr. Zahoor in promoting ethical banking practices.

Dr. Shoeb Ahmed Khan, a nephrologist, called for informed financial decision-making, particularly in the realm of healthcare, noting that medical insurance could play a crucial role in protecting families from financial distress caused by unexpected medical expenses.

Bank Director Syed Ahmed Akbaruddin, noted activist Prof Anwar Khan, Director Madina Education and Welfare Society K.M.Fasihuddin, Media Plus CEO Syed Khaled Shahbaaz, Shamshad Quadri were also present.

Earlier, Mr Amer Ali Khan was felicitation on his appointment as the Member of Legislative Council by Intellectuals from different walks of life who congratulated him on his appointment and expressed confidence that his appointment will help the community in manifold ways.

The meeting concluded with a shared commitment to advancing the financial well-being of the Muslim community through greater financial awareness, strategic investments, and a focus on insurance as a tool for long-term stability.