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Islamic Finance Briefing - Categorized | Banking, People more

Expert says Islamic banking is not practicable in India

Posted on 24 November 2009

From Thehindu.com: Given the current banking sector regulations in the country, Islamic banking is not practicable in India, said Mufti Abdul Kadir Barkatullah, a British expert on Islamic banking and finance.

Since giving or taking interest is against the Sharia laws, Islamic banks need to look to other areas, such as trading, to generate profits to meet their costs. In India, banks are not allowed to get involved in trading and hence Islamic banks cannot survive, the India-born Mr. Barkatullah pointed out………………………..Full Article: Source

 
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