‘Islamic banking is not practicable in India’ – Expert

via With inputs from Kaumudi.com published on November 24, 2009

KOCHI: Given the current banking sector regulations in the country, Islamic banking is not practicable in India, said Mufti Abdul Kadir Barkatullah, a British expert on Islamic banking and finance. Since giving or taking interest is against the Sharia laws, Islamic banks need to look to other areas, such as trading, to generate profits to meet their costs. In India, banks are not allowed to get involved in trading and hence Islamic banks cannot survive, the India-born Barkatullah pointed out.

Welcome to Haindava Keralam! Register for Free or Login as a privileged HK member to enjoy auto-approval of your comments and to receive periodic updates.

Leave a Reply

Your email address will not be published.

 characters available

Responses

Latest Articles from Bharath Focus

Did You Know?