India will look at Islamic banking practices: PM

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India will look at Islamic banking practices: PM

Thursday, October 21, 2010 10:43:34 PM, IANS

An international seminar on ‘Islamic Finance in India (Products, Institutions & »

'When London, Singapore and Tokyo can have Islamic banks, why not India?'

Kuala Lumpur: Prime Minister Manmohan Singh Wednesday said he would ask the Reserve Bank of India (RBI) to look into what Malaysia was doing on Islamic banking practices.

"I will certainly recommend it to the RBI to look at what is happening in Malaysia in this context. RBI is already looking into the question if India should allow Islamic banking," the prime minister said at a joint press interaction with his Malaysian counterpart Najib Tun Razak.

The Islamic banking system is an interest free system in accordance with Sharia laws. Several Islamic banks in the Middle Easat have asked the Indian government to start the system on an experimental basis.

Manmohan Singh is on a three-day trip to Malaysia that began Tuesday.

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Picture of the Day

Indian Prime Minister Dr. Manmohan Singh and Prime Minister of Japan Naoto Kan exchanging the signed documents of a Joint Statement Vision for India-Japan Strategic and Global Partnership in the next decade, in Tokyo, Japan on October 25, 2010.

(Photo: M Asokan)

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