conventional Indian Banks may have Islamic Window Soon

The Reserve Bank of India (RBI) has proposed opening of “Islamic window” in conventional banks for “gradual” introduction of Sharia-compliant or interest-free banking in the country


Support is expected as India – acknowledging the upward trajectory of the global Islamic finance industry – is working towards broadening its potential to become a favoured investment destination for Middle Eastern and Southeast Asian investors looking for Shariah-compliant investments.


Referece-
http://islamhashtag.com/proposal-for-islamic-windowshariah-compliant-banking-in-indian-banks/

you know im still a bit confused on the subject..

say someone took a loan of x amount of money..

how much money would have to be repaid?

i know its not that simple, although if you are in a position to be able to afford the additional "gift" payment or additional "rent" or what ever you would call it..

then your of the lucky ones. maybe i am a bit thick..

but its still not how i imagined it.


although i imagine that if repayment rates were lower than those based on interest (usery) then they would become very popular..

and genuinely beneficial to those on the lowest rungs of the ladder.

i may be mistaken because im a bit thick.

although it probably is interest free if i give them any money..

so many presumptions, should be easy pickings.


edit*..

its been a few days and nobody has taken the bait..

so lets go on presuming.

even if islamic banking is not in practise as legitimate as it should be.. allegedly..

the christmas dilemma approaches.

Christmas is globally recognised, it effects most of the world if they celebrate it or not.

..we as muslims would not agree with the practise or its roots..

and yet it is a christian holiday.. it is linked to and accepted by the Christians.

similarly the rise of islamic banking would be a symbolic victory for muslims..

even if it is allegedly not 100% legit.

it is an ethical dilemma of popularity, relevance.. and ultimately culture.

ironically im not actually very good as a "person" so its a moot point.. arguing ethics is for those with too much time or money.

*whispers* ...its black friday tomorrow