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 »
- South Korea military to proceed with drills despite North threat
- Private insurance funds assets hit $6bn in FY2014-15: Egypt regulator
- Egyptian ceramic maker Alfa eyes sales of $109mn late 2015
- Qalaa's Mashreq in talks to terminate East Port Said’s liquid bulk station contract
- Sawiris’ Orascom Construction records Q3 net income of $24.5 million