Indian Institute of Management (IIM) Kashipur launched a two-day management development programme on Islamic Banking and Finance.
The programme is the first of such executive course to offer Islamic banking and finance.
The two-day course is for senior bureaucrats, officials of financial institutions, lawyers, academicians and bankers.
Under the Islamic banking norms, depositors do not get interest on deposits, nor can the banks charge interest to its borrowers. Banks can invest the money, but keep off taboo areas like liquor, tobacco and gambling or speculation.
The global IBF industry is presently centred in the Gulf region and Malaysia and is experiencing double digit growth rates as it expands to new growth areas in Africa, Europe, South Asia and South East Asia.
The Islamic banking system is currently present in 75 countries with a total size of about USD 2 trillion.
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