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Sharia banking to be introduced, no deadline decided yet: RBI
April 12, 2017
RBI has proposed Sharia-compliant banking in conventional banks. Though the Reserve Bank of India has not taken any step in this direction yet, it is willing to introduce ‘Islamic Window’ in various banks.
Sharia banking is a finance system, based upon which no interest is charged, it is also prohibited in Islam.
The inter-departmental group in Reserve Bank of India has supposedly submitted its report about the issues (regulatory, technical, and legal) to the government. A copy has also been advanced to the Finance Ministry.
The bank wants, Islamic banking to be introduced gradually in the market, given the fact that Indian banks aren’t aware of the complexities involved in it.
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