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Islamic Finance Briefing - Categorized | Banking, Compliance, Tax, Legal, Regulatory more

India says no to Islamic banking

Posted on 10 September 2010

From Indianexpress.com: The Indian Union Government on Thursday informed the Kerala High Court that it was not legally feasible for banks in India or its branches abroad to undertake Islamic banking activities.
In a counter affidavit, M M Dawla, Under Secretary in the ministry of Finance informed the court that this had been the stand of the Union Government even while giving replies to questions in Parliament as well as in response to various VIP correspondence on the subject……………………………………….Full Article: Source

 
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