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New Delhi, Aug. 31 A case is being made for launch of participatory banking (popularly known as Islamic banking) in the country, with many bankers, both domestic and foreign, supporting this concept even as they await a proper regulatory framework for introducing sharia- compliant products.

“It’s an idea whose time has come. The IBA will study the concept, but will wait for a regulatory framework from the RBI”, Mr M.B.N Rao, Chairman of Indian Banks Association (IBA) told reporters on the sidelines of an international conference on Participatory banking.

The two-day conference is organised by Indo-Arab Economic Cooperation Forum.

Mr Sulaiman N Al-Qimlas, Deputy Chairman & Managing Director of Bayt Al Mal, a major financial institution in Kuwait, said that their group was interested in getting a licence to start Islamic banking in collaboration with Indian partners.

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