‘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.
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