Islamic Finance 
THE WISDOM OF PROHIBITION OF INTEREST(1)
Like many other evils, the practice of charging a fixed positive return to loan capital has survived strictures from all world religions and condemnation by all moral philosophers. In the earlier days the role of capital in the economy was much less important than it is today. Humanity has much more to suffer because of making interest the linchpin of its financial system in a globalized world using huge quantities of capital…
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Banking on Islamic Finance
The recent global financial crisis has opened a debate over the loopholes in conventional banking system. Many scholars and finance experts are of the view that Islamic banking is an alternative to the conventional banking system, which is foolproof enough to restrict any other financial crisis in the future…
Trying to bring Islamic banking to India
There are more Muslims in India than there are in Pakistan, which is why it is surprising that successive governments have so far done nothing to bring Islamic banking into India. The consequence of such neglect is that millions of observant Muslims are forced to park their savings in dubious entities, because they have been deprived of financial institutions in India that are Sharia-compliant and avoid the payment of interest, because of its ban in the Quran (3:130).[...]
Problems And Prospects Of Islamic Banking In India – Road Map Ahead
For Muslims, as per the Sachar Committee report based on census 2001 data, the percentage of household availing themselves of banking facilities is much lower in towns and villages where the Muslim population is high. This is due to a certain mindset prevailing in the banking sector which has categorized Muslims and Muslims dominated areas as ‘Negative Zones’ as documented in Sachar report. [...]