Tuesday, January 5, 2010

HC stays Kerala's proposal for Islamic financial institution

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    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
    • 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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