Money & Banking

Not to pursue Islamic banking: RBI

PTI New Delhi | Updated on January 09, 2018 Published on November 12, 2017

The Reserve Bank of India has decided not to pursue a proposal for introduction of Islamic banking in the country. Replying to an RTI query, the central bank said the decision was taken after considering “the wider and equal opportunities” available to all citizens to access banking and financial services.

Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. The issue of introduction of Islamic banking in India was examined by the RBI and the government of India, it said.

Published on November 12, 2017
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