Islamic Voice A Monthly English Magazine

Shaban 1424 H
October 2003
Volume 16-10 No : 202
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News Community Roundup Editorial Readers Comments Muslim Community Series Amanath Bank Episode Opinion Face to Face Muslim Perspectives Colours of Harmony Islam and Science Children's Corner Quran Speaks to You Hadith Our Dialogue Zakir Naik Interview Question Hour Guide Lines Islam And Astronomy Living Islam Success Stories Islamic History Journey To Islam View Point Matrimonial
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Rahman Khan's Rejoinder


Rahman Khan's Rejoinder
Statement - 7

Rahman Khan's Rejoinder

"Information in the article is not factual. Sources of information are bent upon maligning my image. All loans are not unsecured. I owe responsibility for certain things that happened due to system failure and betrayal of trust."


Ziaullah Shariff

Sadaqath Peeran Dr. Mumtaz Ahmed Khan Ateeq Ahmed Md. Azeez

K. Rahman Khan

This is with reference to the article in Islamic Voice September 2003 titled “Amanath Bank episode: Reckless nepotism undid the good work”.

The article is one-sided, biased and factually incorrect. You have based it on a letter written by the then President of the Bank, Dr. Mumtaz Ahmed Khan. I would like to recall that when I came to know that you are publishing the article, I spoke to Mr. Maqbool Ahmed Siraj and told him, as a good journalist, he should seek clarification before publishing any article about a person. But you have gone ahead and published the article which is full of misinformation. I am not against your writing an article and exposing anybody which is your right, but facts should be verified and views of those involved should be reflected. Mr. Mumtaz Ahmed Khan has deliberately withheld from you my reply to his letter to hide the truth. You have mentioned that instead of clearing the loans, I have indulged in unnecessary correspondence. It was then your moral duty to publish my clarifications too and leave it to the reader to conclude for themselves as to where lies the truth.

The correspondence would reveal that it is internal rivalry in the Al-Ameen Movement and the domination of one person which has led to these differences. While stepping down from the presidentship of the Bank, I assured to Dr. Mumtaz that I will extend my cooperation in recovering the loans. I met him in this connection. But he and some other directors began indulging in witch-hunting and rumour-mongering, knowing fully well that such acts only harm the Bank. I would have appreciated if Dr. Mumtaz would have taken steps to infuse the confidence of the depositors and avoided tarnishing the image of certain individuals.

I would like to place before you the fact. The Reserve Bank of India had not prohibited advances to directors and their relatives. The Bank has to regularly filed the advances made to the directors in Form No. 7 every quarter. I am attaching a copy of the Form 7 filed by the Bank as on March 31, 2003 when Dr. Mumtaz was the president of the Bank. (please see anne-ure I).

Your list of 24 accounts shows outstanding dues of Rs. 45.39 crore whereas according to the statement of Amanath Bank to RBI only 10 accounts with an outstanding dues of - Rs. 19.25 crore. Of these, four accounts are standard and performing accounts amounting to Rs. 6.75 crore. All are secured loans and the value of securities is Rs. 23.76 crore. This being the authentic and factual position, a verification from your side was warranted.

The article gives the impressions as if all the loans are unsecured. But the fact is that all loans are recoverable. You are aware that some time certain businesses fail, and that is why you should have avoided relying on sources of information that were bent upon maligning me and shifting their failure on me.

I have given 25 years of my life to build the Bank with commitment. I have no hesitation in accepting the moral responsibility for what has happened due to certain system failure and betrayal of my trust in certain individuals. Dr. Mumtaz wasted one year in witch-hunting, which has not helped the Bank. At the end, all of us have damaged the institution, which we built.

In a letter to Dr. Mumtaz on December 26 last year I had addressed my concerns thus: “Through this letter I urge you to realise that nobody has succeeded in the revengeful act and it is not liked by Allah. Try to win the confidence of the depositors and shareholders. If in tarnishing my image, Allah rewards you and you can save and build the Bank, go ahead. I offer myself as a sacrificial goat as a token of respect for working with you for 32 years and my commitment and concern for saving the Bank remains undiminished. The Bank is the source of living for hundreds of employees, and a hope of lakhs of account holders, depositors and the community. I am ready to extend all help despite what you have done to me”.

My sincere request to you is that your magazine is not only a journal, but an Islamic journal. Don’t succumb to the pressure of certain malicious individuals. I can understand your concern for the community and the depositors. Let me assure you that more than anybody else, I am interested in Bank’s and the depositors’ interests.

K. Rahman Khan MP
Bangalore.

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Statement - 7

Loans and Advances by the Amanath Co-op. Bank to the Institutions Under the Al-Ameen Group

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News Community Roundup Editorial Readers Comments Muslim Community Series Amanath Bank Episode Opinion Face to Face Muslim Perspectives Colours of Harmony Islam and Science Children's Corner Quran Speaks to You Hadith Our Dialogue Zakir Naik Interview Question Hour Guide Lines Islam And Astronomy Living Islam Success Stories Islamic History Journey To Islam View Point Matrimonial
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