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No deadline for introduction of Sharia banking in India: RBI

No deadline for introduction of Sharia banking in India: RBI

Sunday, April 9, 2017, 10:13 AM

No deadline has been set for introduction of Sharia or interest-free banking in India, the Reserve Bank of India (RBI) has said. Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. The RBI had earlier proposed opening of "Islamic window" in conventional banks for gradual introduction of Sharia compliant banking.
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