Islamic banking likely in India
New Delhi, Jan 28: Despite stiff opposition by some quarters, the government is seriously considering the proposal for introduction of Islamic banking in India.
A high level expert committee headed by cabinet secretary recently submitted a detailed report to the government on the merits of the Shariat-compliant banking. The report argued that the Islamic banking would attract billions of dollars from Muslim countries to India.
To mention deputy chairman Rajya Sabha K Rehman Khan, minister of Minority Affairs Salman Khursheed and several leading bankers in India have come out openly in support of the introduction of the Islamic banking in the country.
To recall the Institute of Objective Studies headed by Dr Manzoor Alam had convened a conference of Islamic scholars and the bankers here two years back to urge the government to allow Islamic banking in the country.
Another international meeting will be held here in February in this connection. Many European and other countries have introduced the Islamic banking in their countries. Interestingly, the Islamic banking institutions did not come under the impact of the global meltdown.
The government has already started initiatives with the Unit Trust of India (UTI) and the State Bank of India (SBI) where Shariat-compliant mutual funds have been made available to the customers.
The Kerela High Court recently objected to the introduction of Islamic banking in the country.
Lastupdate on : Thu, 28 Jan 2010 21:30:00 Makkah time
Lastupdate on : Thu, 28 Jan 2010 18:30:00 GMT
Lastupdate on : Fri, 29 Jan 2010 00:00:00 IST
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