IslamicFinance.de

India's first Islamic banking service began on Friday in Maharashtra’s Solapur district. Subhash Deshmukh, a BJP MLA from Solapur and state cooperation minister has launched Sharia-compliant Islamic banking. The BJP leader said that the bank has 9 branches, including 8 in Solapur and 1 in Pune, and all of them would get a separate counter for Islamic interest-free deposits and loans. Deshmukh added that other financial institutions and banks in Maharashtra should also follow and adopt this model. Interest-free deposits will be accepted from Muslims and non-Muslims at zero rates of interest to ensure their financial inclusion.