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Future of Interest Free Islamic Banking in India

Affiliations

  • G.H. Raisoni Institute of Engineering and Technology for Women, Nagpur, India

Abstract


Islamic Banking is a new evolution that has grabbed a majority attention over a past few years. Great changes have taken in the financial services sector. India has a potential for Islamic Banking where Muslim population and density plays a vital role. In addition, there are Islamic banks running successfully worldwide and the speed with which Islamic banks have sprung up and the rate at which they have progressed make it worthwhile to study their future in India. This paper is an attempt to explore the growth and development of Islamic banking, its salient features and future in India.

Keywords

Interest Free Banking, Profit Sharing Basis, Evolution of Islamic Banking

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References


  • Rahman, Fazlur (1967), Commercial Interest from the Standpoint of History and Islamic Law (Urdu), Aligarh Muslim University p.7.
  • Khatkhatay, M.H. (1997), “Islamic Investment Activities in India”, Paper presented at the second conference on Islamic Banking and Finance, Toronto, Canada, Mimeo, p. 2.
  • Siddiqi, Mohammad (1981), Islamic Banking Finance, Theory & Practice, Islamic Economic Studies, Vol. 13, No. 2, February 2006.
  • Uzair, Muhammad (1955), An Outline of Interestless Banking, Karachi/Dacca, Raihan Publications, p. 34.
  • Usmani, Muhammad Taqi (1998), An Introduction to Islamic Finance, Karachi, Idaratul Ma’ arif, p. 132–139.
  • Warde (2006), The Demand for Islamic Banking: Piety, Class, and Global Identity, International Political Economy Society, Cambridge.
  • Wiley Online Library http://onlinelinelibrary.wiley.com Accessed March 2012.

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