From Financialexpress.com: It was meant to be a unique experiment. As India decided to dabble with its first Islamic bank, to be registered as a non-banking finance company (NBFC), backed by the Kerala State Industrial Development Corporation, “faith” was finally moving the mountain.
In the pipeline were also the much sought Islamic bonds, “sukuks”. Kerala’s finance minister, Thomas Isaac, had acknowledged, “We need long-gestation funds to build airports, high-speed trains and expressways. Islamic finance promises unexplored potential in that context.”………………………………….Full Article: Source