K Rahman Khan, minister for Minority Affairs, on 12 August, told the Union Government to pave the way for interest-free banking or widely known as Islamic banking as the Muslims consider the Centre’s continuing resistance to the introduction of Shari’ah-compliant banking as interference in the affairs of the community. Khan argued that Islamic banking could be done within the constitutional framework, with the government needed to set up a separate “regulatory authority” to bring the proposal to life. Pertaining to note here that the RBI had earlier said that Islamic banking would require amendment to banking regulations since not charging or paying interest would violate present norms.The minister added the Indian constitution guarantees freedom of religion but the bar on Islamic banking curtails this freedom for Indian Muslims.
MINORITY MINISTER FOR ISLAMIC BANKING
K Rahman Khan, minister for Minority Affairs, on 12 August, told the Union Government to pave the way for interest-free banking or widely known as Islamic banking as the Muslims consider the Centre’s continuing resistance to the introduction of Shari’ah-compliant banking as interference in the affairs of the community.
