Tuesday, January 5, 2010

HC stays Kerala's proposal for Islamic financial institution

  • HC stays Kerala's proposal for Islamic financial institution

    tags: no_tag

    Janata Party President Dr. Subramanian Swamy addressing the media after aruging his petition against the proposed Islamic Banking company at the Kerala High Court in Kochi on December 08, 2009. A file Photo: Vipin Chandran
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    • The Kerala High Court today stayed the state government's proposal to start an Islamic financial institution on the lines of Islamic Bank.
    • "The government shall not commence operation of the proposed institution," a division bench comprising Chief Justice S R Bannurmath and Justice Thottathil B Radhakrishnan said while hearing a petition filed by Janata Party leader Dr Subramanian Swamy.
    • According to Swamy, the CEO of the proposed company has to report to the Shariah advisory board.

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