| From Istockanalyst.com: The Indian Centre for Islamic Finance, a non-profit organization spearheading Islamic banking in the country, has approached the Reserve Bank of India (RBI) to allow a few banks in Mumbai to open interest-free windows on a pilot basis, without amending any of the existing regulations.
Any payment or acceptance of interest is prohibited under Islamic banking, which operates on the theory that the return on investment is a compensation for the risk taken by the investor by providing a fund for commercial activity. Money can be lent on a profit-sharing or a fee-based model..............................................Full Article: Source
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