In a press release, the Muslim Credit Union (MCU) said the information about the conversion from the conventional $100 cotton note to the new polymer bill was delivered in an impromptu manner, in the same way in which it was disseminated to the public.
Jamsheed Khan, President of the MCU, said that although they share the same concern as most of the population and businesses with regards to the short period of time for the transition, not withstanding, their staffs is highly trained in anti-money laundering and FIU protocols. He added that all due diligence will be followed to ensure that no unusual transactions will be accommodated.
Khan added that he does expect a little extra surplus of cash, as members with emergency and Zakat funds etc., that will normally be kept at home, will now want to make deposits until things ease up with the banks. (Zakat is a form of obligatory charity as one of the pillars of Islam).
He says that the Credit Union does intend to have additional security measures put into place to accommodate a smooth operation.
Meanwhile, UMMAH T&T Muslim Federation has instructed its attorney to initiate moves to file a constitutional motion against the legislation to take out of circulation the existing $100 dollar bills within a restricted period of time.
This was revealed by Imam Rasheed Karim, chairman of the largest local group of independent Islamic organizations who criticized the move which he said infringes on the rights of the 180,000 strong Muslim Community.
Karim said, “As citizens of Trinidad and Tobago, Muslims cannot be forced to enlist into the local banking system as Islam forbids the involvement of usury (interest) in our financial transactions.”
Karim said that although the intent of The Miscellaneous Provisions (Proceeds of Crime and Central Bank Amendment) Bill was well-meaning, the framers failed to take into consideration the unique religious obligations of Muslims.
Karim said, “Because of this prohibition, thousands of Muslims opt to stay out of the system and thus secure their funds in different ways, all legal though. But this law now puts them in a disadvantageous situation and compels a significant segment of the population to compromise their religious beliefs,” said Imam Karim.
He warned that laws designed to safeguard the interest of the nation should be made in consultation with the national community and not drafted in secrecy and behind closed doors which he suggested has backfired once again in the face of the Government.
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