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Sunday, 15 June 2008

Islamic banking should be promoted in India

India should promote Islamic banking as a participative investment option, taking cues from the UK, Rajya Sabha Deputy Chairman K Rahman Khan said today.

Rahman said that India should start Islamic investment on the lines of Bank of England, which has brought a regulatory mechanism for such ethical investment.

He was speaking here at a seminar on 'emergence of ethical investment' organised by the Institute of Objective Studies and the Indo-Arab Economic Co-operation Forum.

Ethical investment lay emphasis on moral considerations following Islamic rules. According to the Islam, earning of interests is regarded as unethical.

Present on the occasion was former SEBI Deputy Chairman D R Mehta who held that ethical investments should be promoted in the country. "Ethical investment goes on to develop the society. It can help in promoting the interests of the underprivileged people in the community," Mehta said.

Mehta also pointed out that giant business leaders should come out and float products on lines of Islamic laws.

IT major Infosys has already launched an 'Islamic Banking Solution' for markets in Europe, and the West Asia to meet the requirements of Islamic law known as 'Shariah', he said.

However, taking a count of 1,000 NSE listed companies, only 335 companies are qualified on Shariah parameters.

(Press Trust of India / New Delhi June 14, 2008)

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