(AhlulBayt News Agency) - The supreme court of Kerala state on Thursday allowed a licensed corporate to initiate the operations of a financial institute with the cooperation of state-owned companies based on principles of Islamic banking.
Supreme Court of Kerala has allowed AL-Baraka Company to set up this institute as the investor with the cooperation of industrial development company.
This company consists of a 17-strong board of directors and a distinguished trader named "p.Mohammad Ali" presides over it.
The industrial development company of Kerela state will hold 11% of shares in this institute and has to abide with the regulations of the investment. Under the Islamic law, the institute can not take rates.
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