IslamicFinance.de

The launch of an interest-free financial firm in the south Indian state of Kerala would have a dramatic impact on development activities in the state.
Opening a seminar on "Prospects of interest-free banking" at the Town Hall here, Isaac said the availability of funds without interests would boost development projects across the country.
The seminar was organized by the Kerala State Industrial Development Corporation (KSIDC), which has 11 percent stake in the newly launched Al-Baraka Financial Services, which operates on Islamic principles.

The Kerala High Court on Thursday dismissed a writ petition filed by Janata Party president Subramanian Swamy and others against the government participation in a company based on Islamic principles. Kerala government was hoping to float an NBFC in the name of Al Barakah Financial Services Company through the state-owned Kerala State Industrial Development Corporation (KSIDC) in association with some Kerala based entrepreneurs who are averse to an interest-based system.
So, the efforts of the Kerala government to start a Sharia compliant Islamic investment company seem to become soon reality.