Islamic Co-op Bank to operate from December 24

Kerala Chief Minister Pinarayi Vijayan will open the state’s first Islamic bank in the cooperative sector on December 24 in Kannur, reports UNI.

Islamic or Sharia banking is defined as a system of finance without interest.

Addressing journalists, President of the Cooperative society M Shajar said that computer operations will be unveiled by the Minister for Ports.

Sajjar said the Muslim community is interested in building a society that does not approve of taking interest from the banking sector.