WORKING HOURS

9:00am to 06:30pm

CALL US

+91 11 29945946

MAIL US

info@icif.in

INDIA EYES IMPLEMENTATION OF ISLAMIC FINANCING

The Reserved Bank of India plans to introduce Islamic financing in the country to help finance some sectors that can only borrow money that is free of interest. Islamic or Sharia financing is a finance system based on the principles of not charging interest, which is prohibited under Islam. In its annual report for 2015-16, the RBI explained that some sections of Indian society have remained financially excluded for religious reasons that preclude them from using banking products with an element of interest. “Towards mainstreaming these excluded sections, it is proposed to explore the modalities of introducing interest- free banking products in the country in consultation with the government,” says the RBI. Despite meeting strong opposition from the ruling Hindu-nationalist Bharatiya Janata Party, Jeddah-based Islamic Development Bank (IDB) earlier this year announced it will open its first Indian branch in Ahmedabad. Exim Bank, the government’s external lending agency, had signed an MoU with IDB for a US$100 million line-of-credit to facilitate exports to IDBs 56 member countries.    www.cfoinnovation.com/story/11833/india-eyes-implementation-islamic-financing
welcome-img

News Updates

  • SEMINAR ON ESTABLISHMENT OF ISLAMIC BANKING IN KASHMIR

    A one-day seminar on “Interest-Free Finances” was held on 8th February 2018 at the Scholars School Natipora Srinagar. The seminar was organized by Islamic Banking Kashmir (IBK) in collaboration with Crescent Co-operative Ltd. (CCL) Kashmir. At the outset the co-ordinator of the seminar...

    Read More
  • JK TO ESTABLISH PANCHAYAT BANK

    JK TO ESTABLISH PANCHAYAT BANK Move aimed at cooperatives, rural banks’ revival           Faisul Yaseen Jammu, Feb 5: As the regional rural banks and cooperative banks continue to be in a bad shape, the government has decided to give a f...

    Read More
  • REALIZING SDG AGENDA 2030

    REALIZING SDG AGENDA 2030 UNDP targets Zakat & Islamic Finance Dr Raja Muzaffar Bhat ,Srinagar, Feb 2 2018 In order to end poverty and to ensure global prosperity, the UN member countries in one voice adopted Sustainable Development Goals (SDG) on September 25th 2015. There are 17 goal...

    Read More
  • DEBT & INTEREST CRISIS IN ECONOMIC DEVELOPMENT

    “DEBT & INTEREST CRISIS IN ECONOMIC DEVELOPMENT” NATIONAL SEMINAR ON ISLAMIC ECONOMICS organised jointly by Chair for Islamic Studies and Research , University of Calicut  and Institute for Islamic economics and finance research (IIEFR) On  February 14th and 15th  ...

    Read More
  • International Zakat Conference Kerala - 2018

    International Zakat Conference Kerala - 2018 Baithuzzakath Kerala organizes an international Zakat conference from April 27-29 in Ernakulum , to highlight and dessiminate the social development aspects and societal relevance of the Institution of Zakat in Islam. Organized Zakat instit...

    Read More
  • WITH GOVT SAYING NO TO ISLAMIC BANKING, WHAT OPTIONS DO THE MUSLIMS HAVE?

    One of the most contentious issues that have vexed the minds of Muslims is the concept of interest in the modern-day economy. The Muslim clerics (Ulema) have exhibited an ambivalent stand on major issues concerning Islamic finance, and on most occasions preferred to diplomatically deflect question...

    Read More
  • DROPPING THE IDEA OF ISLAMIC BANKING IN INDIA WILL LEAVE MILLIONS SHORTCHANGED

    There is an air of finality and inevitability to the Reserve Bank of India’s (RBI) recent decision to rule out introducing Islamic banking in India. It appears that just the presence of the word “Islamic” is reason enough to surmise that the Modi government – and ideol...

    Read More