India's first Islamic bank dream in rough weather?

[nidhisood]

Kerela State government took up an initiative to set up India’s first Islamic bank to run practice the principles of Shariah. This non-interest financial institute would have come up with many benefits only if the Janata Party did not come up with a protest and file a petition in the court considering it to violate the principles of secularism.
However, the court too found the idea of setting up the Islamic bank against Indian Constitution and also against the rules of the RBI.
This is how a novel idea got bashed away and hence we lost an opportunity to try a unique financial institute.

 

[R2India]

well since the issue seems to be controversial i think it was wise decision to forgo the issue. though india is practicing secularism it is the mother nation of hindus. and if in this nation such banks of foreign religion come up, we would be endangering the mother religion. so not to hurt the sentiments of people the decision was taken aptly.