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No intention of introducing Islamic banking: Naqvi

No intention of introducing Islamic banking: Naqvi
Highlights

Union minister for Minority Affairs Mukhtar Abbas Naqvi on Sunday clarified that there wouldn’t be Islamic Banking in India as the country has a huge network of diverse banking system that addresses the financial needs of citizens.

Hyderabad: Union minister for Minority Affairs Mukhtar Abbas Naqvi on Sunday clarified that there wouldn’t be Islamic Banking in India as the country has a huge network of diverse banking system that addresses the financial needs of citizens. Hence, the Indian government has no intention to introduce Sharia banking, said Naqvi.

Sharia or Islamic banking is a Islamic finance system that doesn’t have payment of interest. “Indian government is not willing to introduce Islamic banking as the country is a secular and democratic country,” said Naqvi on the sidelines of a workshop on Professional Development and Global Entrepreneurship Summit in collaboration with NITI Aayog at Maulana Azad National Urdu University (MANUU) here on Sunday.

Telangana Industries Minister KT Rama Rao, Zafar Sareshwala, Chancellor of MANUU, Shiv Khemkha, Chairman, Global Education and Leadership Foundation (GELF) were present at the event.

The union minister further said that India different types of banks including government banks and scheduled banks. Hence, the existing banking system is suitable for all and catering to different requirements of society. “That’s the reason, why the government is not introducing Islamic banking,” Naqvi said.

Earlier, few organisations and experts made a suggestion on introducing Islamic banking in India. But, Indian government doesn’t have any intention on this, clarified Naqvi.

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