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Reserve Bank of India rejects Islamic Banking

vencs (1937504) writes | about a year and a half ago

Your Rights Online 1

vencs (1937504) writes "Earning interest on deposits is prohibited under Islamic banking. Instead, the money could be utilised for enterprises and the profit earned from their functioning could be shared by investors. There had been offers of Islamic funding schemes from NRIs and groups in the Middle East and other countries. However, the Governor of Reserve Bank of India said that Islamic banking is not permissible under existing rules.

In its intended form, Islamic banking as advocated by the Prophet would be close to venture capital or even a mutual fund – where the investor earns nothing if his money makes a business loss. He gets a share of profit or dividends if the venture or underlying investment makes a profit."

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Fatwah Time (1)

Big Hairy Ian (1155547) | about a year and a half ago | (#42072651)

Bearing in mind how popular Bankers are at the moment do you really want to suggest that the Prophet Mohamed was a banker? I await the riots in the middle east where people are roaming the streets burning cheque books!
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