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India central bank allows non-bank Islamic finance firm
LEGAL CHALLENGE Last year, the RBI directed Kochi-based Alternative Investments and Credits Ltd (AICL) to stop its non-interest NBFC business almost a decade after the firm was launched. This prompted an ongoing legal challenge by AICL. “The grant of an NBFC licence should have an impact on the AICL proceedings and there are good chances that the matter may get settled soon,” said Suprio Bose, Mumbai-based lawyer at Juris Corp, a law firm which previously represented AICL. “The event reflects a significant and welcome change in RBI’s attitude towards sharia-based NBFCs and sets a precedent for others to follow suit.” However, many analysts think that unless and until full-fledged Islamic banks are permitted in India, an Islamic finance sector will find it hard to develop.