.............Among other interesting insights that were made in the webinar, with a recording now available at http://www.ethicainstitute.com/achieving_financial_inclusion_for_indian_muslims.aspx, was the notion that India represents the "last frontier" for Islamic finance, which is the largest global alternative financial system and is now present in many Muslim minority countries across the world. A comparative analysis of how different governments in such countries have facilitated Islamic finance was also made during the webinar that included countries such as France, Ireland, Luxembourg, USA, Canada, UK, Hong Kong, Singapore, Australia, Thailand, Kenya, Sri Lanka and South Africa. This analysis becomes all the more relevant in light of the landmark statement made last month by the Reserve Bank of India (RBI) Governor D. Subbarao that sought an amendment to the current banking laws in order to introduce Islamic banking in India. So what is it that is required to kick start Islamic banking and finance in India?...........
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