The Jeddah-based Indian Forum for Interest-Free Banking has urged Prime Minister Manmohan Singh to clear huddles for granting license for Shariah-compliant banks and financial institutions to operate in India.
In a petition submitted to the prime minister at the Emerging Kerala Global Connect, a biennial summit of investors and policymakers, held in the southern port city of Kochi last week, they said it would open floodgates infrastructural funding for India. Islamic banking assets are estimated at more than $ 1.5 trillion worldwide and it is operational in 52 countries, including the US, UK, Australia, France, Singapore, Japan and China………………………………………..Full Article: Source