Islamic Finance 
Trying to bring Islamic banking to India(Comments Off)
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).[...]
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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. [...]
Is Islamic finance a solution?
Islamic finance has a role to play in the world of finance. But to do so, innovations based on Shariah-arbitrage should be de-emphasized and a more holistic vision should be developed that will resonate with all people of conscience, not just Muslims.[...]
Current Financial Crisis And Islamic Economics
“Believers! Have fear of Allah and give up all outstanding interest if you do truly believe. But if you fail to do so, then be warned of war from Allah and His Messenger. If you repent even now, you have the right of return of your capital; neither will you do wrong nor will you be wronged. But if the debtor is in straitened circumstances, let him have respite until the time of ease; and whatever you remit by way of charity is better for you, if only you know.[2:278-81]”
More in this category
- Islamic Finance to Reduce Fiscal Deficit in India
- Risk Management in an Islamic Framework
- Dealing with the Financial Crisis: An Islamic Approach
- US Treasury submits to Shariah?
- Australia considers adopting Islamic banking