This is apropos of the news item ‘Islamic Banking Gets RBI Approval’ (Radiance 25-31 August). I am afraid RBI has actually paved the ways to allow the NBFC work under Shari’ah principles. There was not much mentioned in the ToI News. Can we have the details how RBI has allowed Islamic Banking. I am sure we understand the difference between Banking Company and non-Banking Finance Company. Moreover, getting registration under RBI conditions is something different from getting approval with company’s own conditions. Let the details come out thoroughly before we rejoice the triumph.
Syed Zahid Ahmad
Thane, Maharashtra