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Topic : Trends In Banking
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Is It possible to run Islamic banking in India, and function smoothly ?

Asked by : alamgir khan, Accounts Manager, World wide Fund for Nature India
Industry : NGO
Functional Area : Accounting & Finance
Keywords : finance & accounts.
Activity: Question posted: 01 18 2010 08:32:00 +0000, 2 answers, 160 views, last activity 07 06 2010 20:18:08 +0000
 
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2 Answers for "Is It possible to run Islamic banking in India, and function smoothly ?"
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  Answered by     WAMAN R MORE, faculty - officers training collage , central bank of india  | 01 22 2010 15:17:53 +0000
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yes. islamic banking is the best alternative to the current international economic situation. india can take lead to implement islamic banking. there should be more publicity of the islamic banking idea to be populer. i am sure indian public attitude will accept the islamic banking.

  Answered by     Swati Raut, Product Manager, Aviva  | 01 20 2010 07:01:48 +0000
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Mr.Khan, firstly, One Islamic Bank is already running in the Malappuram district of Kerala. Secondly, an Institute of Islamic Banking and Finance has already incorporated with the Government of Andhra Pradesh at Hyderabad.

1) http://www.islamicbankinst.com/home.html

If you want to know its prospects in India, Please visit this site:-

2) http://www.indlawnews.com/display.aspx?4256

As far as my personal opinion is considered, Islamic Bank cannot be called a Bank in India because of RBI guidelines to provide interests to customers and in Islamic banks, you do not have the option for Interests. As so called Islamic Banks currently in India do not have the status of Bank most Islamic Bank are called Financial Institutes and cannot issue cheques. So, its not ethical on banking perspectives to allow these banks in India.

 
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