India offers vast scope for Islamic banking
It was reported that Indian authorities intend to introduce some form of interest-free banking. Thus, the country’s unbanked Muslim populations shall be brought into mainstream banking. This initiative is likely to result in a huge rise in Islamic Banking and in a significant gain for Indian banking as well. While a channel for substantial fund flow from areas such as the Gulf region will be opening up, a huge number of new customers will join the Indian banking sector.
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