Islamic Banking has been a hot topic in India for the last few months. The debate on whether Islamic Banking is permissible in India has a lot of dimensions. In an interview with Pramod Thomas, H Abdur Raqeeb, Convener, National Committee on Islamic Banking, points out the benefits of Islamic Banking to the deprived class. Abdur Raqeeb, who is also the General Secretary of Indian Center for Islamic Finance (ICIF), here describes what really Islamic Banking means.
First of all, I wish to clarify that the recent verdict of the High Court of Kerala was not on Islamic banking but for the participation or rather having a share of 11% in an NBFC-Non Banking Financial company- based on Shariah principles by State of Kerala or its agencies like Kerala State Industrial Development Co-KSIDC. Continue reading