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First Islamic Bank in India

Islamic Bank cannot be called a Bank because of RBI guidelines but it looks like time has changed and Kerala may have first Islamic Bank Next year.

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Islamic Bank cannot be called a Bank in India because of RBI guidelines to provide interests to customers and in Islamic banks you do not have the option for Interests. As so called Islamic Banks currently in India do not have the status of Bank most Islamic Bank are called Financial Institutes and cannot issue cheques. For Details read Islamic Banking.

But now it looks like there is a change and we may have first Islamic Bank in India.

The first Islamic bank in the country with active involvement of the Kerala government is likely to start operations in Kochi by next year as the bank’s registration formalities are currently being fulfilled on a war footing. The Kerala industries department is actively involved in the new initiative and a high level meeting held at Kozhikode on August 12 had approved a project report prepared by Ernst & Young.

Read the full story here

Filed Under: News Tagged With: Banking, Islamic Bank, News, RBI

September 2, 2009 by Shabbir Bhimani 241 Comments

Home / News / First Islamic Bank in India

A trader, investor, consultant and blogger. I mentor Indian retail investors to invest in the right stock at the right price and for the right time. More about me ...

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Comments

  1. Kabeer Refai says

    April 20, 2024 at 1:20 pm

    To purchase raw material 45 lacs

    3 months time to repay
    : I can share my profit
    We are providing steel item to Mitsubishi, toshiba, tk , kone lift companies

    Reply
  2. Mohammed Ali M says

    June 24, 2018 at 4:29 am

    assalamu alaikum varahmathullahi vabarakathahu!
    Sir I am Mohammed Ali fromTamil Nadu. Is home loan available in Islamic Bank?.If it is,I can transfer my investment to Islamic Bank. Is there any Islamic Bank in TamilNadu?

    Reply
  3. Afroj Khan says

    October 23, 2017 at 10:08 am

    DEAR SIR,
    Very nice bank
    i am happy
    Are you comeing my india
    but bihar

    Reply
  4. James Michael says

    September 2, 2017 at 4:35 am

    Hello,
    Are you looking for a loan? We can offer you a loan, with an interest rate of 3%

    We are legitimate loan lender. If you are highly interested in our loan request,

    kindly contact via our E-mail I.D: ricktoms21@gmail.com

    Mr. Rick Toms

    Reply
  5. Sayed Imran says

    June 5, 2017 at 4:20 pm

    Dear Sir / Madam
    Assalamu alaikkum,
    I need some financial assistance to improve my business.I need 2 lakhs to improve my business.I do business as well i work for a firm.insha allah the repayment will be very prompt and
    reasonable returns.if any one can help me out please write on the same.
    sayedimran7861@gmail.com

    Reply
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A trader, investor, consultant and blogger. I mentor Indian retail investors to invest in the right stock at the right price and for the right time. More about me ...

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Shabbir Bhimani

Royal Heritage,
New Rander Road,
Near Causeway Circle,
Rander Surat - 395009
Gujarat India
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