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Islamic bank in India: Plea to move Supreme Court

Posted on 02 February 2010

From Hindu.com: The Kerala State Muslim Jama-ath Council of India has urged the State government to move the Supreme Court in order to get the High Court stay lifted on the government move to set up a development bank based on Islamic financial principles.

A. Pookunj, general secretary of the council, contended that the huge sums of money deposited by Muslims in commercial banks without accepting any interest could be used for the State‚Äôs development if rerouted to an Islamic banking institution…………………………………..Full Article: Source

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