India’s cenbank opens door to Islamic finance

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New Delhi—India’s central bank has proposed working with the government to introduce interest-free banking to tackle financial exclusion for religious reasons, potentially opening Islamic finance to the largest Muslim minority population in the world.
The Reserve Bank of India (RBI) made the proposal in its annual report last week, as departing central bank governor Raghuram Rajan hands over the reins to close ally Urjit Patel.—Reuters