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Asian Journal of Research in Social Sciences and Humanities
Year : 2011, Volume : 1, Issue : 3
First page : ( 34) Last page : ( 40)
Print ISSN : 0000-0000. Online ISSN : 2249–7315.

Challenges and opportunities of islamic banking in India

Dr. Chavali Kavita, Associate Professor, Dr. Rao Kishan, Professor

Alliance University, Chikkahagade Cross, Chandapura - Anekal Main Road, Anekal, Bangalore-562106, Karnataka, India.

Online published on 30 November, 2011.

Abstract

During the last few decades, great changes have taken place in the Indian financial system. The most significant changes are deregulation of Indian banking sector, entry of new banks, and internationalization with the objective of increasing competition and tap new growth opportunities. Islamic banking a popular global phenomenon is now being introduced in India along with conventional banking. This study is carried out to establish the relevance of Islamic banking in India. It strives to explore the background and issues of Islamic banking in India's economy. The paper analyses the implications and assess the benefits and viability of Islamic banking as potentially a genuine alternative to a formal conventional banking system in India.

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Keywords

Islamic Banking, Interest, Profit and loss sharing, Shariah, India.

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