Reason for Bombay Mercantile Bank (BMC) Fatwas
Reason for Bombay Mercantile Bank (BMC) Fatwas
Hi, I was wondering what was the reason behind the fatwas issue against the BMC and many bohras working or having accounts at the bank forced to quit?
Re: Reason for Bombay Mercantile Bank (BMC) Fatwas
dawedaar wrote:Hi, I was wondering what was the reason behind the fatwas issue against the BMC and many bohras working or having accounts at the bank forced to quit?
I heard that shk Haider was wrongfully terminated and he was a main guy of shk harzat and haider don't like it that's why they boycott BMC.
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kimanumanu
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Re: Reason for Bombay Mercantile Bank (BMC) Fatwas
http://www.pucl.org/from-archives/Relig ... /bohra.htm
The Dawoodi Bohra's
By Kalpana Sharma
The demonstrations held outside the head office and several branches of the Bombay Mercantile Cooperative Bank by orthodox Bohras in mid-May symbolised one of the central aspects of the on-going struggle within the Dawoodi Bohra community. Ostensibly the demonstrators only wanted the bank to stop giving interest because they claimed this was against Islam. The Mercantile Bank, the demonstrators insisted, was a Muslim bank and therefore should adhere to Islamic tenets.
The covert motivations of the orthodox Bohras demonstrating outside the bank, or those who were instrumental in organising the demonstrations, tell another story.
There has been a struggle for reform within the Dawoodi Bohra community for many years. This small Muslim sect, numbering around one million and spread over 35 countries, dates back to the 10th century AD when the Ismailias organised a secret religio-political movement in Iraq because of the prevailing circumstances of the Abbasid empire. The nature of the sect required that every member take a secret oath of allegiance - called a Misag - to the head of the community. This oath covered not just religious matters but encroached upon many other aspects of life.
Breaking the covenant was not just frowned upon but involved serious repercussions for the transgresser. For instance, it could mean that "Whatever he owns from property, assets, real estate, wealth, jewels, agriculture, milch cattle…. Will be seized and distributed among the poor, needy and indigent Muslims and nothing out of it will return to him whatever ruses he adopts." Furthermore, "all his wives and whom he will marry in future will be treated as divorced."
Essentially the same structure and a similar oath have continued to be an intrinsic feature of the Dawoodi Bohras who are directly descended from the Ismailia sect. The Dai-ul-Mutlaq, or the head of the community, appoints a successor. At the age of 15 every Bohra has to take the Misaq. This oath of allegiance to a living human being and the concept of a priestly class marks the Bohras as apart from the rest of Islam.
The Bohra chief, or the Syedna, has extraordinary powers of control over the community. For instance, he collects taxes which exceed Rs.11 crores each year from his half million followers in India. How these funds are used is left tohimto decide. Bohras questioning either the Syedna's lifestyle or the necessity for such a far-reaching oath in these times, have been subject to social boycott officially sanctioned by the Syedna and threats and harassment of an extreme nature. The combination of this control over the minds of his followers, as well as of their pocketbooks, makes the Syedna practically invincible. Being the head of a minority community means that he can safely assume that no ruling political party will touch the issue of reform within the Bohra community for fear of exciting communal passions.
With this knowledge the Syedna lives in a palatial mansion in Malabar Hill and chooses to spend Rs.4 crores to build a mausoleum in the memory of the last Syedna, while students of a Bohra college, the Burhani College in Bombay reveal through a survey that more than 50 per cent of the Bohras in Bombay live below the poverty line and are housed in slums.
The attack on the Mercantile Bank also revolves around economic control. This bank is the largest urban cooperative bank in the country. It started out in 1939 as the Muslim cooperative credit society founded by a group of reformist Bohras. In 1941 it became a full-fledged bank and after 1947 shed its Muslim bias. At present it claims to be a secular bank.
In any event all banks, irrespective of the community they serve, have to follow rules set out by the Reserve Bank of India and cannot arbitrarily decide they will stop giving interest. Besides there are a number of other Muslim banks that also follow the Reserve Bank directives but the orthodox Bohras have not taken any objection to their activities. Therefore, why the Bombay Mercantile Bank?
Mr. Hoseini Doctor, Chairman of the Bank, opined in an interview to "The Economic Times", in July that behind the demonstrations are a few members of the priestly family who either want to gain control of the bank through coercion or want to project the image of being the leaders of Islam in India, thus enhancing their image in the Islamic world.
Mr. Doctor's apprehensions are based on the attempts of the orthodox Bohras to get shareholders to transfer their shares. The demonstrations in May were not merely extolling the tenets of Islam and pointing out how the bank had violated them. The orthodox Bohras expressly attempted to get employees of the bank to resign or face social boycott, asked Bohras to close their accounts and also distributed blank transfer forces to shareholders; the threat of social boycott was held out against those refusing to transfer their shares. Between May 14 and 25, 584 accounts were closed and an amount of Rs.19 lakhs was withdrawn from the bank.
The Bombay Mercantile Bank has sued four of the Bohras who demonstrated outside the bank and the case is before the Bombay High Court. Meantime the court has prohibited the Bohras from demonstrating outside the bank's premises.
There are many ironies in this situation. Three members of the Syedna's family manage businesses which have taken loans on interest from different banks. The father-in-law of one of the Syedna's sons holds a high post in a foreign bank in Bombay. The account for a scholarship established by the previous Syedna in with the Mercantile bank and the present Syedna gave a Silver Plate to the bank in 1972 in appreciation of its services.
These are just some of the facts that give a lie to the orthodox Bohra stand that they object to the bank giving interest and have no other ulterior motives. The May demonstrations have also drawn attention once more to the issue of the authoritarian internal structure of the Bohra community and whether reformist Bohras, as citizens of a democratic country, can legitimately demand that the Government insist on internal changes in the community's set up.
One attempt was made in 1978 by the Janata government when it set up a commission headed by Justice N. P. Nathwani to look into the complaints of Bohra reformists that their civil liberties were being infringed upon. The Nathwani Commission had concluded that there was "large-scale infringement of civil liberties and human rights of reformist Bohras at the hands of the priestly class and those who failed to obey the orders of the Syedna and his Amils (priests), even in purely secular matters are subjected to Baraat (social boycott) resulting in complete social boycott, mental torture and frequent physical assaults." Amongst other things, the Commission recommended that Baraat should be made illegal.
Nothing was done, however, about the Nathwani Commission's recommendations and to this day reformist Bohras cannot be married by their priests, cannot have their family members buried in the community's burial grounds and suffer direct and indirect attacks just for questioning the validity of a structure which to them seems an anachronism.
The Dawoodi Bohra's
By Kalpana Sharma
The demonstrations held outside the head office and several branches of the Bombay Mercantile Cooperative Bank by orthodox Bohras in mid-May symbolised one of the central aspects of the on-going struggle within the Dawoodi Bohra community. Ostensibly the demonstrators only wanted the bank to stop giving interest because they claimed this was against Islam. The Mercantile Bank, the demonstrators insisted, was a Muslim bank and therefore should adhere to Islamic tenets.
The covert motivations of the orthodox Bohras demonstrating outside the bank, or those who were instrumental in organising the demonstrations, tell another story.
There has been a struggle for reform within the Dawoodi Bohra community for many years. This small Muslim sect, numbering around one million and spread over 35 countries, dates back to the 10th century AD when the Ismailias organised a secret religio-political movement in Iraq because of the prevailing circumstances of the Abbasid empire. The nature of the sect required that every member take a secret oath of allegiance - called a Misag - to the head of the community. This oath covered not just religious matters but encroached upon many other aspects of life.
Breaking the covenant was not just frowned upon but involved serious repercussions for the transgresser. For instance, it could mean that "Whatever he owns from property, assets, real estate, wealth, jewels, agriculture, milch cattle…. Will be seized and distributed among the poor, needy and indigent Muslims and nothing out of it will return to him whatever ruses he adopts." Furthermore, "all his wives and whom he will marry in future will be treated as divorced."
Essentially the same structure and a similar oath have continued to be an intrinsic feature of the Dawoodi Bohras who are directly descended from the Ismailia sect. The Dai-ul-Mutlaq, or the head of the community, appoints a successor. At the age of 15 every Bohra has to take the Misaq. This oath of allegiance to a living human being and the concept of a priestly class marks the Bohras as apart from the rest of Islam.
The Bohra chief, or the Syedna, has extraordinary powers of control over the community. For instance, he collects taxes which exceed Rs.11 crores each year from his half million followers in India. How these funds are used is left tohimto decide. Bohras questioning either the Syedna's lifestyle or the necessity for such a far-reaching oath in these times, have been subject to social boycott officially sanctioned by the Syedna and threats and harassment of an extreme nature. The combination of this control over the minds of his followers, as well as of their pocketbooks, makes the Syedna practically invincible. Being the head of a minority community means that he can safely assume that no ruling political party will touch the issue of reform within the Bohra community for fear of exciting communal passions.
With this knowledge the Syedna lives in a palatial mansion in Malabar Hill and chooses to spend Rs.4 crores to build a mausoleum in the memory of the last Syedna, while students of a Bohra college, the Burhani College in Bombay reveal through a survey that more than 50 per cent of the Bohras in Bombay live below the poverty line and are housed in slums.
The attack on the Mercantile Bank also revolves around economic control. This bank is the largest urban cooperative bank in the country. It started out in 1939 as the Muslim cooperative credit society founded by a group of reformist Bohras. In 1941 it became a full-fledged bank and after 1947 shed its Muslim bias. At present it claims to be a secular bank.
In any event all banks, irrespective of the community they serve, have to follow rules set out by the Reserve Bank of India and cannot arbitrarily decide they will stop giving interest. Besides there are a number of other Muslim banks that also follow the Reserve Bank directives but the orthodox Bohras have not taken any objection to their activities. Therefore, why the Bombay Mercantile Bank?
Mr. Hoseini Doctor, Chairman of the Bank, opined in an interview to "The Economic Times", in July that behind the demonstrations are a few members of the priestly family who either want to gain control of the bank through coercion or want to project the image of being the leaders of Islam in India, thus enhancing their image in the Islamic world.
Mr. Doctor's apprehensions are based on the attempts of the orthodox Bohras to get shareholders to transfer their shares. The demonstrations in May were not merely extolling the tenets of Islam and pointing out how the bank had violated them. The orthodox Bohras expressly attempted to get employees of the bank to resign or face social boycott, asked Bohras to close their accounts and also distributed blank transfer forces to shareholders; the threat of social boycott was held out against those refusing to transfer their shares. Between May 14 and 25, 584 accounts were closed and an amount of Rs.19 lakhs was withdrawn from the bank.
The Bombay Mercantile Bank has sued four of the Bohras who demonstrated outside the bank and the case is before the Bombay High Court. Meantime the court has prohibited the Bohras from demonstrating outside the bank's premises.
There are many ironies in this situation. Three members of the Syedna's family manage businesses which have taken loans on interest from different banks. The father-in-law of one of the Syedna's sons holds a high post in a foreign bank in Bombay. The account for a scholarship established by the previous Syedna in with the Mercantile bank and the present Syedna gave a Silver Plate to the bank in 1972 in appreciation of its services.
These are just some of the facts that give a lie to the orthodox Bohra stand that they object to the bank giving interest and have no other ulterior motives. The May demonstrations have also drawn attention once more to the issue of the authoritarian internal structure of the Bohra community and whether reformist Bohras, as citizens of a democratic country, can legitimately demand that the Government insist on internal changes in the community's set up.
One attempt was made in 1978 by the Janata government when it set up a commission headed by Justice N. P. Nathwani to look into the complaints of Bohra reformists that their civil liberties were being infringed upon. The Nathwani Commission had concluded that there was "large-scale infringement of civil liberties and human rights of reformist Bohras at the hands of the priestly class and those who failed to obey the orders of the Syedna and his Amils (priests), even in purely secular matters are subjected to Baraat (social boycott) resulting in complete social boycott, mental torture and frequent physical assaults." Amongst other things, the Commission recommended that Baraat should be made illegal.
Nothing was done, however, about the Nathwani Commission's recommendations and to this day reformist Bohras cannot be married by their priests, cannot have their family members buried in the community's burial grounds and suffer direct and indirect attacks just for questioning the validity of a structure which to them seems an anachronism.
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ghulam muhammed
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Re: Reason for Bombay Mercantile Bank (BMC) Fatwas
In some of his articles, Mr.S. Insaf had stated :- Yusuf Najmuddin advised him to take over the well established progressing Bombay Mercantile Cooperative Bank. When the bank’s Bohra directors refused Sayedna Burhanuddin Saheb launched an outrageous campaign against the bank in the name of “prohibition of interest in Islam”. Thousands of Bohras were rendered jobless as they were compelled to resign from the Bank jobs and thousands more suffered in their business.dawedaar wrote:Hi, I was wondering what was the reason behind the fatwas issue against the BMC and many bohras working or having accounts at the bank forced to quit?
He launched an all out agitation against Bombay Mercantile Co-operative Bank ordering its Bohra account holders and employees to leave the bank. BMC challenged (Suit No. 797 of 1982, Bombay High Court) him in the law-court and Anjuman-e-Shiat-Ali on his behalf had publicly assured that Syedna had withdrawn his Directive and Bohras in future will not be harassed on this account.
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ghulam muhammed
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Re: Reason for Bombay Mercantile Bank (BMC) Fatwas
I reproduce below an old post of mine which is relevant to the subject :-
Their main problem is with Bombay Mercantile Co-op Bank Ltd because years ago the mafia zaadas of Saifee Mahal wanted to be on the board of directors so that they could have full control over it and in the bargain milk it high and dry and make it defunct (At that time the bank was the largest cooperative bank of India having huge cash reserves).
This move of theirs was vehemently opposed by the then Bank Chairman, Shri Zain Rangoonwala due to which the zaadas issued a fatwa thereby ordering all bohras to close their accounts and also forced the bohra staff of the bank to resign from their jobs, its another matter that as usual the zaadas couldn't provide them any alternate source of income/jobs due to which bohras had to face lots of hardships and financial problems. The Bank chairman, Mr.Rangoonwala who was the receipent of 'Padmashree' award which is given to leading Indian citizens by the president of India was also excommunicated. The closure of accounts by bohras didn't have any impact on the bank as their financial transactions were meagre as compared to other large accounts. However the bank did plunge into deep financial troubles after the death of Mr. Zain Rangoonwala as by then there were no bohras left on the board and the management went into the hands of others.
The zaadas animosity with regard to the said bank is evident from the fact that they themselves have multiple accounts with other Indian and foreign banks and also hold huge amounts in fixed deposits and give their properties on lease/rents to other banks. Hence the age old saying "hamein je kahiye te karo, hamein je kariye te NA karo".
Their main problem is with Bombay Mercantile Co-op Bank Ltd because years ago the mafia zaadas of Saifee Mahal wanted to be on the board of directors so that they could have full control over it and in the bargain milk it high and dry and make it defunct (At that time the bank was the largest cooperative bank of India having huge cash reserves).
This move of theirs was vehemently opposed by the then Bank Chairman, Shri Zain Rangoonwala due to which the zaadas issued a fatwa thereby ordering all bohras to close their accounts and also forced the bohra staff of the bank to resign from their jobs, its another matter that as usual the zaadas couldn't provide them any alternate source of income/jobs due to which bohras had to face lots of hardships and financial problems. The Bank chairman, Mr.Rangoonwala who was the receipent of 'Padmashree' award which is given to leading Indian citizens by the president of India was also excommunicated. The closure of accounts by bohras didn't have any impact on the bank as their financial transactions were meagre as compared to other large accounts. However the bank did plunge into deep financial troubles after the death of Mr. Zain Rangoonwala as by then there were no bohras left on the board and the management went into the hands of others.
The zaadas animosity with regard to the said bank is evident from the fact that they themselves have multiple accounts with other Indian and foreign banks and also hold huge amounts in fixed deposits and give their properties on lease/rents to other banks. Hence the age old saying "hamein je kahiye te karo, hamein je kariye te NA karo".
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ghulam muhammed
- Posts: 11653
- Joined: Tue Oct 07, 2008 5:34 pm
Re: Reason for Bombay Mercantile Bank (BMC) Fatwas
Another interesting article by Humsafar on Kothar's allergy to banks run by Bohras :-
A similar thing happened to Udaipur Urban Cooperative Bank in the early 70s. This was before the discontent in Udaipur grew into a full-blown revolt. The bank was started by enterprising Bohras, without raza. Initially it seems it was tolerated, but soon other events - differences with the aamil/Qaid Joher over municipal elections etc. - took over, and the Kothar ordered the bank to be closed down. The Sayedna even issued a written statement ordering closure. Bohras were/are mainly traders in Udaipur and the bank was proving to be useful in conducting their business. Closing it down did not make sense, and reformists - the Bohra Youth Association - refused to do so. There was much tension and pamphleteering around the issue. During that time the Galiakot incident happened, following which Bohra Youth was boycotted by the Kohtar and their local chamachas. But reformists got to keep the masjids, jamatkahanas etc. and of course the bank too. The rest is history.
Ever since the bank has grown by leaps and bounds and is today considered one of the top and most profitable cooperative banks in India. It has 12 branches and a spanking new headquarters. The ironic thing is that many Shababi (orthodox) Bohras have accounts and hold shares, and enjoy the 50% dividends the bank gives out annually - year after year since its inception to its shareholders. The bank serves not just Bohras but all other communities. It's board of directors are mostly Bohras but also include non-Bohras. The bank is a great success story of the reform movement, and funnily at a recent election of board of directors, a couple of orthodox Bohras also joined the fray, with the raza of aamil, of course. Needless to say they were roundly defeated.
The moral of the story: Don't give in to these goons.
Here's a report of its 2011 elections:
http://www.udaipurblog.com/co-operative ... -held.html
A similar thing happened to Udaipur Urban Cooperative Bank in the early 70s. This was before the discontent in Udaipur grew into a full-blown revolt. The bank was started by enterprising Bohras, without raza. Initially it seems it was tolerated, but soon other events - differences with the aamil/Qaid Joher over municipal elections etc. - took over, and the Kothar ordered the bank to be closed down. The Sayedna even issued a written statement ordering closure. Bohras were/are mainly traders in Udaipur and the bank was proving to be useful in conducting their business. Closing it down did not make sense, and reformists - the Bohra Youth Association - refused to do so. There was much tension and pamphleteering around the issue. During that time the Galiakot incident happened, following which Bohra Youth was boycotted by the Kohtar and their local chamachas. But reformists got to keep the masjids, jamatkahanas etc. and of course the bank too. The rest is history.
Ever since the bank has grown by leaps and bounds and is today considered one of the top and most profitable cooperative banks in India. It has 12 branches and a spanking new headquarters. The ironic thing is that many Shababi (orthodox) Bohras have accounts and hold shares, and enjoy the 50% dividends the bank gives out annually - year after year since its inception to its shareholders. The bank serves not just Bohras but all other communities. It's board of directors are mostly Bohras but also include non-Bohras. The bank is a great success story of the reform movement, and funnily at a recent election of board of directors, a couple of orthodox Bohras also joined the fray, with the raza of aamil, of course. Needless to say they were roundly defeated.
The moral of the story: Don't give in to these goons.
Here's a report of its 2011 elections:
http://www.udaipurblog.com/co-operative ... -held.html
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ghulam muhammed
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- Joined: Tue Oct 07, 2008 5:34 pm
Re: Reason for Bombay Mercantile Bank (BMC) Fatwas
Iam reminded of an incident which took place in early "90s. A dawoodi bohra named Husaini Bhagat had once invited Zain Rangoonwala, the Padma Shree award winner and Managing Director of Bombay Mercantile Co-op Bank Ltd, for his son Huzefa's wedding reception held at Parish Hall, Christ Church School, Byculla, Mumbai. As Rangoonwala was excommunicated from the community by the Dai for not allowing the zaadas to take control of the cash rich bank, Mr.Bhagat was severely reprimanded alongwith many rich sidhpuri bohras including Fakhrudin and Saifudin Khorakhiwala of Akbarallays/Wockhardt and Taher Tambawala, owner of Atlas Mill Compound. The filthy rich sidhpuri bohras had to face a very hard time as all of them were boycotted by kothar and eventually they alongwith their family had to go to to the Dai with a "Maafi naama" and take fresh Misaq after paying lakhs of rupees by way of penalty.
To further humiliate Husaini Bhagat who was a resident of Chennai, the then head amil of Chennai Syed ul Khair (Brother-in-law of Muffy and son of Yusuf Najmuddin) gathered all the bohras of chennai in the masjid after maghrib and showered "Laanat" on Husaini Bhagat which was echoed by all the abdes in chorus !!! Now this is how Laanat is USED by the Dai and his henchmen !!
To further humiliate Husaini Bhagat who was a resident of Chennai, the then head amil of Chennai Syed ul Khair (Brother-in-law of Muffy and son of Yusuf Najmuddin) gathered all the bohras of chennai in the masjid after maghrib and showered "Laanat" on Husaini Bhagat which was echoed by all the abdes in chorus !!! Now this is how Laanat is USED by the Dai and his henchmen !!
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ghulam muhammed
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Re: Reason for Bombay Mercantile Bank (BMC) Fatwas
I have met Zain Rangoonwala on a couple of occassions and he seemed to be very knowledgeable and far sighted. It is sad that bohra community lost such a good financial expert to baraat, he was the recipient of Padma Bhushan award which hardly any diehard abde has managed to get. Till such time that the bank was under his control it performed exceedingly well and it was one of the largest co-operative banks of Asia. Even the dai had availed loans from this bank as M/s.Leaders Printing Press established by the dai had availed of a huge bank loan for import of their offset printing machines. As a matter of fact the very first print made from this machine which was a photo of the dai was presented to the bank's AGM, the late Mr.Ibrahim Bardanwala.
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ghulam muhammed
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Re: Reason for Bombay Mercantile Bank (BMC) Fatwas
This photo shows Mukasir Saleh bhai Safiuddin Saheb with Zain Rangoonwala in the head office of the Bombay Mercantile Bank
