RBI about Islamic Banking Concept in India…
Islamic banking is a banking system that is based on the principles of Islamic law, also referred to as Shariah law, and guided by Islamic economics.
The Islamic banking system is not allowed in India,says RBI.
“The decision is to consider the broad and equitable opportunity of all citizens for various financial services”,the RBI said in a statement.
RBI says this in the reply to PTI submitted RTI application.
Interest rates can not be allowed as per Islamic religious beliefs.
Islamic or Shariah Banking is the financial transaction methodology without interest .But it can not be implemented in India.
RBI and the government joinly conducted a Inspection on Islamic banking issue.
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