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Hindu Groups Oppose Entry of Islamic Finance in India

A Sharia-compliant international bank's plan to launch its business in India is facing opposition from Hindu groups that say an Islamic bank should not be allowed to operate in a secular country. The Islamic Corporation for Development (ICD), a subsidiary of the Saudi Arabia-based Islamic Development Bank (IDB), is expected to set up its first Indian branch in Gujarat city of Ahmedabad. The ICD branch would operate as a non-banking financial company (NBFC), providing loans to...

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