KOCHI: India’s central bank has allowed a firm in the southern state of Kerala to operate as a non-banking financial company that follows Islamic principles − a small step towards developing syariah-compliant finance in the country.
Cheraman Financial Services said it had obtained approval to operate from the Reserve Bank of India (RBI) and would follow the Islamic ban on interest. RBI governor Duvvuri Subbarao has said Islamic banking was not possible in the country but syariah-compliant products could be delivered through alternative means. – Reuters
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