04.02.2011 - The promoters of Islamic bank welcomes court decision
From Economic Times: The debate on whether Islamic banking is permissible in India took another turn on Thursday, with a division bench of the Kerala High Court dismissing writ petitions filed against the government sanction for starting a non-banking finance company by the Kerala State Industrial Development Corporation (KSIDC), based on Islamic principles. The company, Al Barakh Financial Services, welcomed the green signal for its venture. "It is a very favourable development and the board of directors will meet to decide on the plan of action," Al Barakh director EM Najeeb said. "The idea behind the banking system is to make use of funds without interest, directly or indirectly, for infrastructure projects in Kerala and reward the investors through profits," Najeeb said..............................................Full Article: Source
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