21.05.2010 - India: RBI mulling permitting Islamic NBFCs
From PTI: The Reserve Bank today said it is considering the possibility of allowing Islamic financial institutions to function as NBFCs since Islamic banks are not permitted under the present laws. Under the Indian banking rules, depositors have to be paid interest for their money in banks, which is not permitted by Islamic banking principles, RBI Governor D Subbarao told reporters after the central bank's board meeting here............................................Full Article: Source
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