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Law sought for Islamic banking system under RBI

A day-long international conference on Islamic finance held at Madeenathul Uloom Arabic College, Pulikkal, on Saturday called upon the government to legislate for setting up Islamic banking system under the supervision of the Reserve Bank of India.

The conference, which was held in collaboration with Aligarh Muslim University (AMU), pointed out that heavy dependence on interest-based economy was the main reason for the current economic slump across the world.

Implementing an interest-free economy is the best way out of the current crisis, the meet pointed out.

The meet said several western countries had introduced interest-free banking system in their government-controlled banking sector.

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