Aligarh: The Aligarh Muslim University is to start a course in Islamic banking and finance from the next academic session, according to university officials.

The course, initiated after an increasing demand for trained personnel in the Islamic banking, will be offered by the Department of Business Administration, the officials said.

Besides post-graduate (PG) diploma in Islamic banking and finance, the university also intends to start a PG diploma in Islamic insurance and two-year master's in Islamic finance.

Islamic banking refers to a system that complies with the Islamic law (sharia) and guided by Islamic economics. Islamic law prohibits the collection and payment of interest. The law also disallows investing in businesses that are considered unlawful, or 'haraam', like selling alcohol or pork, or businesses related to pornography. (IANS)