India May Introduce Islamic Banking
Published Monday, 20 August 2012 13:17 | Written by Amwal Al Ghad
The government is considering introducing Islamic banking in the country. The Ministry of Finance recently asked the Reserve Bank of India (RBI) to reconsider such a possibility.
The RBI formed a committee to look into the matter after Prime Minister Manmohan Singh’s visit to Malaysia in 2010, when Singh indicated that the government was open to the idea of a banking system that could address the long-standing concerns of the business section of a minority community.
Experts believe that in order to tap the immense investment potential of the oil-rich Middle East, it was in India’s interest to introduce Islamic banking.
An official of the National Committee on Islamic Banking told Gulf News: “It will provide the opportunity to bring a large section of the Muslim population into the mainstream. It is a sophisticated banking and finance structure based on moral and social values and is compatible with modern-day financing needs.”
Most Popular »
- France to Grant Egypt €150mn Loans for Home Gas Delivery and SMEs
- Tony Elumelu Foundation Launches $100m Programme to Empower next Generation of African Entrepreneurs
- NTG Discusses Egypt’s E-waste Risks Today in EGAS Seminar
- Russia Keen to Invest in Egypt's Energy, Tourism Sectors - Deputy PM
- Egypt signs First Gas Fracking Contract with Apache, Shell