Islamic Bank is ‘Secular’ – Kerala Government. RBI denies report of registration

via HK published on November 13, 2010

Kochi: Reserve Bank of India informed Kerala High Court that – They had not issued any registration certificate or clearance for the Kerala Government’s proposed Islamic Bank in Kerala. This is contrary to the claims made by Al Baraka Financial Service Limited (ABFSL), a financial service floated by the Kerala State Industrial Development Corporation.

Mean while counsel of Government representing Al Baraka Financial Service Limited claimed that they are functioning according to ‘Secular’ principles although it’s based upon Sharia principles.

The move to sell the state to Jihadi’s in Middle East through this nasty move was questioned by Shri Subrahmaniya Swami and HAV leader R V Babu in High Court.

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