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Feasibility of Interest-free Islamic Banking Discussed

A joint delegation of Rajasthan Muslim Forum and the Indian Centre for Islamic Finance met Union Minister of State for Finance Namonarain Meena in New Delhi on 17 April 2010. The purpose of the meeting was to discuss with him the feasibility of interest-free Islamic banking in India.

Oct 21, 2010 18:18 IST
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A joint delegation of Rajasthan Muslim Forum and the Indian Centre for Islamic Finance met Union Minister of State for Finance Namonarain Meena in New Delhi on 17 April 2010. The purpose of the meeting was to discuss with him the feasibility of interest-free Islamic banking in India. A recommendation of the Union Government's Committee on Financial Sector Reforms, headed by Raghuram Rajan, for creation of a framework for interest-free banking was brought to the minister’s notice. The new banking system would not only be viable for the country but also beneficial for underprivileged sections of society. The delegation included Indian Centre for Islamic Finance general secretary H. Abdur Raqeeb and Jamat-e-Islami Hind Rajasthan president Mohammed Salim.