19.12.2011 - India needs to re-examine stand on Islamic banking: Experts
India must re-examine its stand on Islamic finance and Islamic banking system for inclusive growth, said experts at a workshop, where a group of business and community leaders discussed ways to economically empower Muslims by going beyond government schemes and handouts. Islamic finance refers to interest free finance/banking and encourages profit-loss sharing. It is banking activity that is consistent with the principles of Islamic law or Shariah which prohibits payment and receipt of interest. Investing or deriving benefits from activities like alcohol, pork, tobacco, gambling, adult entertainment etc. are also prohibited...............................................Full Article: Source
Print