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Submitted
October 23, 2015
Accepted
October 23, 2015
Published
October 24, 2015
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Abstract

Islamic banking seems to be an unfamiliar concept in Indian economy. Besides having a huge potential, Islamic finance is considered to be infeasible and impractical in Indian conventional system of banking. The search for alternatives to conventional banking in the aftermath of the global financial crisis trained the spotlights on Islamic banking in many parts of the world. Today that Islamic banking has unfortunately been misunderstood in India as a religious charitable venture restricted to the country’s Muslim community. Despite its striking growth in other parts of world such as the Middle East, South East Asia (which chiefly include Malaysia and Indonesia) and Europe, it is yet to be positioned as a realistic alternative financial system and not a religious one. In this paper, an attempt is made to understand the underlying concept of Islamic banking and finance and erode some of the major misconceptions in the same context.

Keywords

Islamic banking Conventional banking Shariah and Reserve Bank of India (RBI).

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Authors retain the copyright without restrictions for their published content in this journal. IJMIER is SHERPA ROMEO Journal. 

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This is an open-access article distributed under the terms of  Creative Commons License

How to Cite
Badruddin, A. (2015). Islamic Banking and Finance in India: A Kosher or Myth. International Journal of Management, Innovation & Entrepreneurial Research, 1(1), 01–06. https://doi.org/10.18510/ijmier.2015.111
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