Islamic Banking in India and Engaging with Indian Muslim Scholars

Professor Humayon Dar wrote a recent post titled "Islamic Banking in India: Some Suggestions" with interesting points with regard to establishing Islamic banking & finance (IBF) that should be welcomed by the IBF sector in order to get the debate moving in establishing IBF foothold in India. To have a foreign technical board without Shariah scholars/Muftis due to sensitivities in secular India and to overcome the fears of the secularists and Hindu nationalists in India, as suggested by Prof. Dar's post, is understandable. However, there are a number points worth considering carefully before concluding as such:

A) Shariah board consisting of technical experts and Shariah scholars/Ulama worked in other non-Muslim secular countries and such model, despite requiring refo...