-Scroll.in The Islamic financial system works on the principle of not charging interest. What is Islamic Banking? Islamic Banking is a banking system in accordance with the Shariat. In Islam, money has no intrinsic value – money, therefore, cannot be sold at a profit and is permitted to be used as per shariat only. The Islamic Law or Shariat prohibits paying any fee for renting of money (called riba) for specific periods of...

-Outlook Kochi: Reserve Bank Governor D Subbarao today ruled out introduction of Islamic Banking in the country but said other methods for channelising funds based on the principles of Islamic law can be looked at. "Islamic Banking is not possible", he said, adding the central bank could look at other vehicles based on Islamic Banking principles to channelise NRI funds. Replying to a question on the issue, Subbarao said: "There are some legal...

Indian Centre for Islamic Finance delegation makes presentation at Yojana Bhavan The Indian Centre for Islamic Finance (ICIF) has made out a strong case before Prime Minister's Economic Advisory Council member V. S. Vyas for introducing interest-free banking in the country at the earliest to ensure “inclusive growth with innovation” in accordance with the recommendations of the Planning Commission's Raghuram Rajan Committee. An ICIF delegation from New Delhi, led by its general...