India should open interest-free banking windows in conventional banks

India should open interest free banking windows in conventional banks as a pilot project, Muddassir Siddqui, a leading authority on interest-free banking, said.
On issues relating to recovery in cases of loan defaults, he said it is done the same way as convetnional banking. The adoption of interest free banking system in the country offers a great opportunity to attract substantial investments from countries in the West Asian region to India.
A two day conference on Islamic Finance in India is being held from tomorrow to create awareness about the banking system.
The Kerala High court had in April this year directed the state government and its institutions not to participate financially or otherwise in the financial company modelled on the lines of Islamic bank.