A high power delegation of Indian Centre for Islamic Finance (ICIF) had a very fruitful and detailed discussion on the feasibility of introducing interest-free banking in India with Deputy Governor Reserve Bank of India, Mr Anand Sinha and other officials at RBI headquarters in Mumbai on July 2, 2012.
This important meeting with RBI Deputy Governor took place in the background of an interaction that took place at the headquarters of National Commission for Minorities (NCM) under the chairmanship of Mr Wajahat Habibullah on the introduction of Islamic Banking. Top officials of NMC and Finance Ministry officials headed by Mr Sunil Soni, Additional Finance Secretary and two Joint Secretaries, Mr Alok Nigam and Anurag Sharma, and other top officials besides ICIF participated in the meeting. Both NMC and Finance Ministry asked Mr Abdur Raqeeb, General Secretary ICIF to meet Mr. Anand Sinha and present a viable proposal for the introduction of Interest-free Banking to him.
The delegation presented documents to RBI Deputy Governor, including a detailed proposal for subsidiary or a window to be opened along with the conventional banks within the present Banking Regulations of India 1949.
The Deputy Governor and his team clarified several points and assured the delegation that they would go through the documents and consider the proposal seriously.
Apart from RBI Deputy Governor, Mr Mahapatra, Executive Director RBI and Mr Rakesh Varma, Chief General Manger, Department of Banking Operations and others took part in the discussion. ICIF delegation consisted of its GS Mr Abdur Raqeeb; Mr Khurshid Najmi, former legal Adviser, RBI; Mr Saifullah Khan, Dar AlShariah, Dubai Islamic Bank; and Mr Muffadal Khumri, Head Islamic Banking, RakBank, Dubai.