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Plea seeking Islamic Banking in J&K HC notice to UOI, JKB 3/19/2018 10:22:42 PM Early Times Report Srinagar, Mar 19: The state high court today issued a notice returnable with four weeks to union of India and Jammu and Kashmir Bank among others on a petition, seeking introduction of Islamic Banking in the state. The notice was issued by a division bench of Justice Mohammad Yaqoob Mir and Justice D S Thakur after hearing submissions by the counsel. The petition has been filed by an NGO-JK Peoples Forum through its secretary M M Shuja, seeking direction to union of India to file response and issue necessary notification for Introduction of Sharia Complaint windows as recommended by Deepak Mohanty Committee and report of the Inter- Departmental Group of RBI and Its Feasibility of Introducing Islamic Banking in India: Technical Analysis and RBI's view and the Conclusion drawn by it. The petitioner has sought direction from the Court to the Reserve Bank of India to take immediate steps in this constituent banks including the Jammu and Kashmir Bank limited so as to facilitate Shariah Compliant Windows (Islamic banking) was introduced . Besides, the petitioner has also sought directions to Jammu and Kashmir Bank Limited to place toentire details before the court regarding Non Performing Accounts (NPAs) and the steps taken for recovery of the outstanding amount in NPAs as the same is public money which cannot be allowed to b misappropriated either by the account holders or by the management of the bank. The petitioner has also sought directions chairman of the J&K Bank to take immediate steps for opening of Shariah Compliant windows to accomplish the object of mass level participation in Shariah Banking by the people of the state of Jammu and Kashmir in particular and other people of the areas whereever the J&K Bank has established in its branches. Shuja said that the chairman J&K Bank, after taking over as the chairman publically made announcements one after the other setting agenda for the bank to introduce Islamic Banking.   Share This News with Your Friends on Social Network     Comment on this Story

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