Another set back to CPM’s dream to Islamise Kerala

Thiruvananthapuram :  Supporting the points raised by Subramaniam Swamy,  Reserve Bank of India Governor D. Subbarao made it clear here that – Islamic Banking is unconstitutional and against the current banking principles.

Last month a division bench of the high court asked the Kerala government and its organisations to keep off from the proposed Islamic Bank which has begun preliminary operations in the state. Former Union Minister Subramaniam Swamy had petitioned the court against the Kerala State Industrial Development Corporation taking the lead to start an Islamic bank with private players.

Following repeated questions about possible ways to implement Islamic Banking in Kerala by vested interests, Subbarao told – It is possible to have Sharia based banking in India, But only by amending the constitution.

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