Manmohan Singh says RBI will look into Malaysian model of Islamic banking

Kuala Lumpur (Malaysia), Oct. 27 (ANI): Visiting Indian Prime Minister Dr. Manmohan Singh has said that he will ask the Reserve Bank of India (RBI) to look into the Malayasian model of Islamic banking.

"There has been time to time demands in India that we should also experiment with Islamic banking, and I would certainly recommend to the Reserve Bank that India, who has been looking into this question, to look into how Malaysia is doing in this regard," said Dr. Singh.

When asked about why people of Indian origin are discriminated in Malayasia treatment, Malayasian Prime Minister Najib Tun Razak, displaying unsual behavior, said: "This is purely a domestic matter for Malyasia to handle and we are handling it in a very positive way, and this is certainly not the matter that is discussed between the two countries. This is purely domestic as much as we respect what happens in India and respects what we do in this country."

In his reply, Dr. Singh said: " Like India, Malaysia is a multi-cultural, multi-ethnic entity. It is a democracy that respects fundamental human rights for all of its citizens, and, I am confident that the Malasyian system has the built-in flexibility to tackle any problem that you have mentioned. I have, therefore, no reason to be apprehensive on that account for the future of Indian origin communities in this great country." By Naveen Kapoor (ANI)