Islamic banking and finance Current Affairs, GK & News

RBI proposes ‘Islamic Window’ in Banks

The Reserve Bank of India (RBI) has come up with a proposal for opening of ‘Islamic window’ in conventional banks for a gradual introduction of Sharia-compliant (interest-free) banking in the country. The move is aimed to ensure financial inclusion of some sections of society that remains excluded due to religious concerns.   Islamic banking is ..


India’s first Islamic bank will open in Kerala by 2010

  What is a Islamic Bank? Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the payment of interest fees for the lending of money for specific terms, as well as ..