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Islamic Banking in India – For Financial Inclusion of Muslims or to squeeze them further ?


(Photo Courtesy : http://www.malaysiagazette.com)

Faith based banking in a country which has secularism enshrined in its constitution ! Does not it sound anachronous ?

Well, as far as the present dispensation at the centre led by BJP is concerned – which has an altogether different take on secularism – it does not seem to think so. And that’s why it has gladly accepted the proposal by the Saudi Arabia based Islamic Development Bank (IDB) – an international investment organisation – to start its operations here. In fact this proposal is considered a positive outcome of PM Modi’s visit to Saudi Arabia sometime back.( April 2016) Although a date has not been announced when the Bank would start its operations here, all the formalities regarding its launching have been completed and even the city for its first branch in India has been identified. Ahmedabad would see the first branch of this Bank. Continue reading Islamic Banking in India – For Financial Inclusion of Muslims or to squeeze them further ?