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Thread: India's state-owned bank to launch Islamic fund

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    India's state-owned bank to launch Islamic fund

    India's state-owned bank to launch Islamic fund

    http://hosted.ap.org/dynamic/stories...11-26-08-38-07

    The Securities and Exchange Board of India, the country's capital markets regulator, recently allowed the government-owned State Bank of India and three mutual funds to launch Shariah funds.

    What do you think, Hindus?

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    Re: India's state-owned bank to launch Islamic fund

    Quote Originally Posted by ShivaFan View Post
    India's state-owned bank to launch Islamic fund

    http://hosted.ap.org/dynamic/stories...11-26-08-38-07

    The Securities and Exchange Board of India, the country's capital markets regulator, recently allowed the government-owned State Bank of India and three mutual funds to launch Shariah funds.

    What do you think, Hindus?
    I don't really know what to think (nor is it something of immediate concern), but I have a feeling that MIM and the Owesi brothers are behind this, although I could be wrong.
    படைபோர் புக்கு முழங்கும்அப் பாஞ்சசன்னியமும் பல்லாண்டே
    May your pA~nchajanya shankha which reverberates on the battlefield, last thousands upon thousands of years...
    http://archives.mirroroftomorrow.org...anchajanya.jpg

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    Re: India's state-owned bank to launch Islamic fund

    Namaste,

    According to Sharia laws, you are not to get an interest on the money loaned. If that is the case then the bank stands to make lot of money by having deposits on which they don't have to pay any interest.

    Pranam.

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    Re: India's state-owned bank to launch Islamic fund

    Quote Originally Posted by Believer View Post
    Namaste,

    According to Sharia laws, you are not to get an interest on the money loaned. If that is the case then the bank stands to make lot of money by having deposits on which they don't have to pay any interest.

    Pranam.
    Pranam,

    Well, not really, since there are systems developed in the Eslami shariat banks (like Bai Salam) in which the bank is forced to refund the entire deposit in the equity funds. Hence, unless the bank goes bankrupt, the money is relatively safe. It does eliminate the purpose of a savings fund though. However, I do agree with you, it does benefit the banks in that it increases their overall demographic.
    படைபோர் புக்கு முழங்கும்அப் பாஞ்சசன்னியமும் பல்லாண்டே
    May your pA~nchajanya shankha which reverberates on the battlefield, last thousands upon thousands of years...
    http://archives.mirroroftomorrow.org...anchajanya.jpg

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