Sharia banking: RBI proposes ‘Islamic window’ in banks

The Reserve Bank of India (RBI) has proposed the opening of “Islamic window” in conventional banks for “gradual” introduction of Sharia-compliant or interest-free banking in the country.

The move is a stepping stone to its consideration of introducing Islamic banking in the country. The RBI and the Union Government have been exploring the possibility of introducing the Sharia-based foundation since quite long in order to include even those sections of the society that remain outside the banking circuit due to religious reasons. 

Source – Business Standard

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