CURRENT AFFAIRS

Detailed explanation-1: -An Islamic bank is entirely operated using Islamic principles, while an Islamic window refers to services that are based on Islamic principles that are provided by a conventional bank. Some commercial banks offer Islamic banking services through dedicated windows or sections.

Detailed explanation-2: -So AIFICIL is touted as India’s first commercial Islamic banking institution, and is getting set to open branches in Hyderabad, Madras and Calicut as the first steps in reaching for a national network.

Detailed explanation-3: -Taqwa CCS Ltd was established in 2015, registered under Credit Cooperative Society Act 1959/60 of Karnataka, with a vision to be the First Islamic Banking Model in India.

Detailed explanation-4: -Islamic banking is a system of banking with Shariah laws, which is against the collection or payment of interest, commonly called ‘ riba’. Islamic law also prohibits investing in business that are considered unlawful or Haraam.