Has no objection to individuals starting such banks
NEW DELHI
: If private individuals want to start an `Islamic' bank that will not give interest to depositors or charge interest from borrowers, the Bharatiya Janata Party (BJP) would have no objection.
But, if Government funds were to be used to set up such a venture, questions would be asked and the BJP would oppose such a move.
The party was reacting to the setting up of a committee by the Government to consider a proposal to set up `Islamic' banks in India keeping in mind Islam's prohibition of usury. BJP spokesperson Prakash Javadekar said that the idea of the Government funding an `Islamic' bank was preposterous .
While Government sources confirmed that a committee had been set up to consider such a proposal , it is believed that Deputy Chairman of the Rajya Sabha Rahman Khan first suggested the idea.
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