Tuesday, March 18, 2025 | 06:24 AM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

India a secular country, no intention of introducing Islamic banking: Naqvi

India is a secular country and the existing banking system is for all: Naqvi

Mukhtar Abbas Naqvi

Mukhtar Abbas Naqvi

ANI New Delhi

Union Minister Mukhtar Abbas Naqvi on Sunday rebuffed the reports of introduction of Islamic banking in India, saying ours was a secular country and the existing banking system was for all.

Naqvi's remark has come days after the Reserve Bank of India (RBI) decided to not pursue a proposal for introduction of Islamic banking in the country, while replying to an RTI query.

"India is a secular country and the existing banking system is for all. Therefore, we are not discussing anything on Islamic banking, neither are we planning to do so. There is neither any plan nor any proposal to allow Islamic banking," Naqvi told ANI.

 

Islamic banking is a finance system based on the principles of not charging interest, prohibited under Islam.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 26 2017 | 4:47 PM IST

Explore News