Islamic investment firm OK'd in Kerala

The Kerala High Court on Thursday dismissed a writ petition filed by Janata Party president Subramanian Swamy and others against the government participation in a company based on Islamic principles. Kerala government was hoping to float an NBFC in the name of Al Barakah Financial Services Company through the state-owned Kerala State Industrial Development Corporation (KSIDC) in association with some Kerala based entrepreneurs who are averse to an interest-based system.
So, the efforts of the Kerala government to start a Sharia compliant Islamic investment company seem to become soon reality.