05.07.2012 - Regulator should look at Islamic banking afresh: Indian Law Minister
The Law Minister, Salman Khurshid, said on Thursday that he had written to the Planning Commission and the Reserve Bank of India (RBI) on the issue of Islamic banking. He said he was quite hopeful that the RBI would look at the issue afresh and soon come up with its views after deciding on the technical issues. Khurshid said it was difficult to fit in Islamic banking with the existing regulations, as the very concept of debt and equity was very different in Islamic banking. Non-banking financial institutions are prevalent now and are accepted, but some ambiguities have to be addressed before they can take up Islamic finance, he said...............................................Full Article: Source
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