RBI offers Islamic bank facility in banks

RBI offers Islamic bank facility in banks


New Delhi: The Reserve Bank of India has proposed to gradually offer 'Islamic Bank facility' in the pamprajot banks in the country, where interest-free banking services can be made. Both the Center and the Reserve Bank have long considered the possibility of offering such bank facilities to such people of the society in the country who are far from the banks due to religious reasons. Islamic or Sharia Banking is a type of financial system based on the principle of not taking interest because interest in Islam is prohibited.
Islamic bank

The Reserve Bank of India has said in a letter to the Finance Ministry, "We are of the view that considering the complexities of Islamic financial business and its various regulatory and monitoring and supervision challenges and Indian banks do not experience this, Islamic banking facility in the country. It can be stepped in the direction of direction. "According to the Right to Information, the News Agency sought on behalf of PTI-language. According to this letter received in response to the information, RBI has said, "After the necessary notification by the government, under this Islamic Bank facility, ordinary schemes can be introduced in traditional banks, which will be similar to those of traditional bank products. According to the letter, 'On the basis of experience later on, it can be considered to present full Islamic banking in which there is Free benefits can be included in the share of complex products. "

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The proposal of the Central Government is based on the investigation of legal, technical and regulatory issues in the context of the feasibility of presenting Islamic banks in the country on the recommendation of Inter departmental group (IDC). The Reserve Bank has also prepared in the Technical Analysis Report which has been sent to the Finance Ministry.

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