THE NEED OF ISLAMIC BANKING IN INDIA
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Abstract
Incalculable events have been happened in the banking sector since the last decades. Various phases of financial sector reforms have changed the face and features of banking sector which is offering innovative services by focusing on the inclusive growth. Islamic banking, formerly practiced in an informal way, is now implemented as an innovative practice in a full fledged manner in many countries. Islamic banking is now on the path of rapid growth throughout the world and India is also looking at the vast potential of the same. The first Ernst & Young World Islamic Banking Competitiveness Report 2011 presented at the 18th Annual World Islamic Banking Conference stated that Islamic banking assets with commercial banks globally reached US$1.1 trillion in 2012, a significant jump of 33% from their 2010 level of US$826 billion (Dr. Shabana Mazhar 2013). The Indian banking sector is now planning to adopt Islamic banking which provides interest free transactions and is operating on profit and loss based on Islamic principles. At the same time implementation of Islamic banking will require a lot of change in the Banking Regulation Act. The main aim of the study was to identify the need of Islamic banking in India and the various obstacles in the way of Islamic banking in India. The study was conducted in an exploratory manner by using the secondary data.
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