Tuesday, August 28, 2012

India offers vast scope for Islamic banking

....Selective attempts to introduce Islamic finance-modelled products by private sector finance companies in the past have all failed due to regulatory issues as well as opposition from political parties. But a new initiative by the National Commission for Minorities, a constitutional body charged with the welfare of minority groups, in support of the idea has prompted the federal finance ministry to refer the issue to the Reserve Bank of India, the Indian central bank, for a fresh look.......

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