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India: Registration not granted for operating NBFC on principles of Sharia

Posted on 12 November 2010

From PTI: The Reserve Bank of India today informed the Kerala High Court that it has not issued any certificate of Registration under the RBI Act to any company for carrying out business of a Non Banking Finance Company (NBFC) in accordance with the principles of Shariat.
This was stated in an additional affidavit filed by P Bhaghe, RBI’’s Deputy General Manager, on a Public Interest Litigation by Janata Party leader Subramaniam Swamy, challenging the proposal to start an Islamic Financial Institution on the lines of Islamic banks in the state, with support of Kerala State Industrial Development Corporation……………………………………….Full Article: Source

 
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