A Kerala High Court has dismissed a writ petition filed against the government for starting an NBFC by the Kerala State Industrial Corporation (KSIDC) based on Shariah-compliant Islamic rules, reports The Economic Times.
The writ petition had been filed by a Janata Party leader and others. According to the newspaper, the bench observed that when KSIDC proposed to carry on NBFC business in accordance with Shariah law in addition to complying with the laws of the country, it could not be treated as promoting a religion. The company, Al Barakh Financial Services, has welcomed the green signal for its venture.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
