Thursday, April, 26, 2018
  • Nation
  • World
  • States
  • Cities
  • Business
  • Sport
    • IPL
  • Entertainment
  • Galleries
  • Videos
  • Life Style
  • Specials
  • Opinions
  • All Sections  
    States Tamil Nadu Kerala Karnataka Andhra Pradesh Telangana Odisha
    Cities Chennai DelhiBengaluru Hyderabad Kochi Thiruvananthapuram
    Nation World Business Sport Cricket Football Tennis Other Education
    Entertainment English Hindi Kannada Malayalam Tamil Telugu Review Galleries Videos
    Auto Life style Tech Health Travel Food Books Spirituality
    Opinions Editorials Ask Prabhu Columns Prabhu Chawla T J S George S Gurumurthy Ravi Shankar Shankkar Aiyar Shampa Dhar-Kamath Karamatullah K Ghori
    Today's Paper Edex Indulge Event Xpress Magazine The Sunday Standard E-paper
Home Business

Islamic banking proposal may get a push under Rajan

By PTI  |   Published: 07th August 2013 09:59 AM  |  

Last Updated: 07th August 2013 09:59 AM  |   A+A A-   |  

0

Share Via Email

With appointment of government's Chief Economic Adviser Raghuram Rajan as the next RBI governor, Union Minority Affairs Minister K Rahman Khan today hoped that his ministry's plan to establish Islamic banking in India will get a boost.

Khan said Rajan was positive when he met him recently to push the proposal.

"The financial reforms commission headed by Rajan had even advocated Islamic banking. I am sure his appointment as RBI governor would be a big push for the proposal," the Minority Affairs minister told PTI.

He hinted that various stake-holders like finance ministry and RBI are apprehensive of the idea of Islamic banking because of its religious overtones.

"They believe they will be blamed that they are doing it for religious-based reasons. You can have regulator for chit funds companies, tree companies, this company, that company, companies collecting big money and vanishing but you do not want a sharia-compliance institution," Khan said.

The minister said all over the world, Islamic banking system is in practice and it would enable Muslims to save their money for their and country's development.

"They are not saving in bank because earning interest is against the fundamental of their religion," he said, adding that the present banking system based on interest excludes a large number of Muslims.

"We can save so much we can take care of our developmental, educational needs," he said.

In a letter to RBI governor in December, 12, Khan had said the Constitution allowed citizens to practice their faith and it was the state's duty to facilitate people to practice their religions, arguing in favour of Islamic baking.

Khan's predecessor Salman Khurshid, now the Exteranl Affairs minister, had first floated the idea and asked RBI to explore the possibility of establishing Islamic banking in India.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

O
P
E
N

More from this section

SEBI decides against granting exemption to S H Kelkar and Co promoters

Reliance Jio to recruit 80,000 people this FY

Ford hybrid  Freestyle now in India 

Latest

Mike Pompeo approved as US secretary of state

Indu Malhotra to be sworn in as SC judge tomorrow

Nine youths die in Israel flash flooding

CSIR bags National Intellectual Property Award

Rs 600-cr loan fraud: CBI books IDBI top officials

ICC meet: Cricket might be part of Olympics by 2028

Bypoll for Kerala's Chengannur assembly seat on May 28

Bengal panchayat poll on May 14

IPL2018
Videos
'Veere Di Wedding'  (Image Courtesy Twitter @vdwthefilm)
Poster Of Veere Di Wedding Creates Chatter Social Media
People gather around the mangled school van after it collided with a moving train in Kushinagar Uttar Pradesh on Thursday morning. | PTI
Kushinagar accident: Prima facie shows driver was at fault, says Gorakhpur Commissioner
Gallery
Traditional pomp and glory and the whopping participation of festival buffs including foreigners marked the conclusion of yet another edition of Kerala's Thrissur Pooram, considered as the mother of all temple festivals, here today. (Express Photo | Albin
Kerala's biggest temple festival Thrissur Pooram in pictures
The trailer of 'Veere Di Wedding', featuring actresses Kareena Kapoor Khan, Swara Bhasker, Sonam Kapoor and Shikha Tilsania, which was released at a grand event today, sparkles with chic chick splendour. (PTI Photo)
IN PHOTOS | Kareena Kapoor Khan, Swara Bhasker, Sonam Kapoor, Shikha Tilsania launch 'Veere Di Wedding' trailer

Trending

FOLLOW US

Copyright - newindianexpress.com 2018

Dinamani | Kannada Prabha | Samakalika Malayalam | Malayalam Vaarika | Indulgexpress | Edex Live | Cinema Express | Event Xpress

Contact Us | About Us | Careers | Privacy Policy | Search | Terms of Use | Advertise With Us

Home | Nation | World | Cities | Business | Columns | Entertainment | Sport | Magazine | The Sunday Standard