Multiple choice

Which of the following became the first state government in the country to announce the setting up of an Islamic finance company recently?

  1. Bihar

  2. West Bengal

  3. Assam

  4. Kerala

  5. Haryana

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Kerala State Industrial Development Corporation, which is the designated agency for the formation of the bank, will have 11 per cent stake in the proposed banking company. It will be registered as a non-banking finance company in the beginning and later get transformed into a full-fledged Shariah compliant bank. The NBFC will become operational in 2010.