“What is ISLAMIC BANKING”

Islamic banking refers to a system of banking activities that is consistent with the principals of Shariat law. Shariat prohibits the acceptance or giving of interest . The economic activity of Islamic banking is by becoming a share holder in the profits of the activity. Recently, the R. B. I. has permitted a N B F C called Cheraman Financial Services Limited, floated by Kerala State Industrial Development Corporation ,with capital of Rs 1000 crore, to work as an Islamic financial institution.

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