Personal Finance: Caution pays off in stocking up for school

Invite a dozen friends with kids of similar ages. Ask each to bring 10 to 12 clean, good-condition clothing items for trading. Everything gets laid out by size; when it ends, you go home with a dozen new-to-you items all at no cost. Many schools and community groups organize back-to-school clothing swaps. Play it again It’s not just clothes that can be bought secondhand.

RBI allows non-bank Islamic finance firm

“The grant of an NBFC licence should have an impact on the AICL proceedings and there are good chances that the matter may get settled soon,” said Suprio Bose, Mumbai-based lawyer at Juris Corp, a law firm which previously represented AICL. “The event reflects a significant and welcome change in RBI’s attitude towards sharia-based NBFCs and sets a precedent for others to follow suit.” However, many analysts think that unless and until full-fledged Islamic banks are permitted in India, an Islamic finance sector will find it hard to develop. “I don’t think there is going to be a rush for NBFC applications. RBI’s attitude towards the sharia-compliance concept is yet to be tested,” said Shariq Nisar, director of research and operations at Mumbai-based Taqwaa Advisory and Shariah Investment Solutions.

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