Govt has no intention of introducing Islamic banking: Mukhtar Abbas Naqvi

India has a wide network of different banks to meet the financial needs of people and hence the government has no intention to consider introducing Islamic banking, Union minister Mukhtar Abbas Naqvi said.

India has a wide network of different banks to meet the financial needs of people and hence the government has no intention to consider introducing Islamic banking, Union minister Mukhtar Abbas Naqvi on Sunday said.

On the winter session of Parliament, Naqvi said the government was willing to discuss all important issues and sought the Congress’s support for smooth conduct of proceedings in both the Houses. (Hindustan Times File Photo)

Islamic or Sharia banking is a system of finance in which interest is not charged.

“In India, the government will not allow Islamic banking, because India is a secular and democratic country,” the minister for minority affairs told PTI here.

“There are different government and scheduled banks and the existing banking system is for all. Hence, the government is not thinking of introducing the concept of Islamic banking,” he said.

“Some organisations and some people had made a suggestion on this issue (to introduce Islamic banking), but we do not have any such intention,” he said.

On the winter session of Parliament, Naqvi said the government was willing to discuss all important issues and sought the Congress’s support for smooth conduct of proceedings in both the Houses.