No steps taken for launching Sharia-compliant mutual funds in India


No steps have been taken for the introduction of Sharia-compliant mutual funds in India, the Reserve Bank of India (RBI) has said. Replying to an RTI application filed by a PTI correspondent, the central bank said the Government of India had sought its comments on the launch of Sharia-compliant mutual funds by State Bank of Indiain December 2014.

The RBI submitted its reply the same month, The Islamic or Sharia-compliant financial system is based on the principles of not charging an interest on deposits, as it is prohibited under Islam.

"The Reserve Bank of India has not taken any step for introduction of Sharia-compliant mutual funds in India," the reply said. The RBI was asked to provide details on the introduction of Sharia-compliant mutual funds in the country. The SBI had in 2014 announced the launch of the same.However, it was deferred to make it a better and more attractive fund in the future, according to an official communication.

H Abdur Raqeeb, General Secretary, Indian Centre for Islamic Finance -- an NGO trying to introduce members of the Muslim community to the Sharia-compliant banking system, said the initiation of such special mutual funds for a select group of people would be a Read More

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