26.09.2011 - India: RBI asks Kerala's AICL to explain the basis of its Islamic financing deals
In the quaint world of Islamic finance, something is brewing between the regulator and one of the active players. RBI has show-caused Alternative Investments and Credits (AICL), a Kerala-based firm, asking it to explain the basis of its 'participative financing' deals. The development is being closely tracked by the proponents of Islamic finance as the outcome could determine how such activities may be pursued in India. According to the regulator, AICL, a registered NBFC, is not complying with the fair practices code under which the financier has to lay down the terms and conditions of funding..............................................Full Article: Source
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