15.04.2013 - Islamic banking
The era of Islamic banking has finally arrived. India’s Minister for Minority Affairs K Rahman Khan recently said India could soon be implementing an Islamic banking system. This is a welcome move for all Indians in general and 250 million Indian Muslims in particular, who do not fully participate in the interest-based financial institutions because under the Sharia (Islamic law) any return on money employed should be linked with the profit of an enterprise. Citing the example of 75 countries which have already adopted Islamic banking, the minister very cogently argued that India could no longer afford to stay away from the $1.5-trillion Islamic financial market, which could even help address the country’s huge fiscal deficit. Minister of State for Finance Namo Narain Meena said Rs 1.6 trillion ($27.8 billion) is lost annually due to lack of Shariah-compliant banking...............................................Full Article: Source
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