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Islamic banking could spell development in India

Posted on 17 February 2010

From Merinews.com: A one of a kind move of Kerala government to set up Islamic financial system in the state joining hand with Kerala State Investment Development Corporation (KSIDC) became controversial as Janatha party president, Subramanya Swami, filed a complaint in Kerala High Court alleging the move is a violation of nation’s secular norms.

KSIDC was likely to start a non banking financial institution under the supervision of Reserve Bank of India accepting11% of the share from Kerala government. But by a fresh notice sent to the State Government and the RBI, the High Court stayed that move…………………………………Full Article: Source

 
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