The Kochi-based Alternative Investments and Credits Ltd. (AICL), an Islamic finance company, started its operation in Kannur on Dec. 21. AICL officials said that it was the only Reserve Bank of India-approved non-banking finance company operating on Islamic finance principles. AICL’s operation in Kannur was formally inaugurated by H. Abdur Raqeeb, General Secretary, Indian Centre for Islamic Finance, New Delhi. AICL director T. Arifali presided over the function. Earlier, Kannur University Vice Chancellor P.K. Michael Tharakan inaugurated a seminar on ‘Understanding Islamic finance’.
source : Radiance weeekly