...........Supporters of Islamic banking say its implementation will lead to money coming in from organizations that can only make Shariah-compliant investments. Critics say it will destabilize the secular nature of the country’s banking system by imposing the laws of one religion, besides facilitating terror funding. D.K. Mittal, financial services secretary, declined to say whether the government was considering any change in laws to facilitate Islamic banking, saying it’s a “larger issue”. An email to RBI asking about the steps being taken to study the proposal was unanswered...........
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