Islamic Finance or Sharia banking proposed by RBI I Oneindia news

The Reserve Bank of India has proposed opening of an IslamicWindow in conventional banks for introduction of Sharia-compliant or interest free banking in the country. The proposal was taken up to ensure financial inclusion for those sections of society which remain excluded due to religious reasons.The RBI said, "In our considered opinion, given the complexities of Islamic finance and various regulatory and supervisory challenges involved in the matter and also due to the fact that Indian banks have no experience in this field, Islamic banking may be introduced in India in a gradual manner."----------------------------------------------------------------------------------------------------------
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