How Dr Swamy sabotaged Islamic banking – Navtan Kumar

“The launch of State Bank of India (SBI) Sharia Mutual Fund, designed to invest in Sharia (Islamic law) compliant companies, was “deferred” at the last moment in December 2014 as Swamy wrote to Prime Minister Narendra Modi about his grievances against the system and got it stalled.” – Navtan Kumar

Pressure from Bharatiya Janata Party leader Subramanian Swamy led to the suspension of the launch of Islamic banking in India. The launch of State Bank of India (SBI) Sharia Mutual Fund, designed to invest in Sharia (Islamic law) compliant companies, was “deferred” at the last moment in December 2014 as Swamy wrote to Prime Minister Narendra Modi about his grievances against the system and got it stalled.

Though SBI Mutual Fund termed the “deferment” as a commercial decision, Swamy admitted to The Sunday Guardian that he wrote a letter to the Prime Minister in December saying that introducing Islamic banking…