INDIA: The authorities should take the initiative to implement interest-free banking in the country, despite rampant misconceptions about the Islamic banking system, said ET Mohammed Basheer, a member of parliament.
He explained that the Islamic banking system is prevalent in several western countries such as France, Italy, England and the USA, but many people misunderstand the system due to its Islamic ties.
He added that as there are many who oppose the use of interest in the existing banking system, this provides a good opportunity to introduce an interest-free system.