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Religion and Banking : A Study of Islamic Finance in India KCI 등재
pp.7-13
Purpose - The purpose of this paper is to elucidate the limelight question ‘why India should open arms for Islamic banking?’.
Research design, data, and methodology - The paper is theoretical and conceptual in nature and provides results based on significant literature review.
Results - This paper will start with the discussion why Islamic name does not make it only for Muslims?, then its features and how it can improve India’s current economic situation. Also this study will analyze the ability of Islamic finance to act as Micro-finance tool by including people who does not participate in economic activities. This paper also concludes that why religious issue should be sidelined in order to accept Islamic finance for empowerment of Muslim and non-Muslim minorities which live in abject poor conditions.
Conclusions - Islamic finance has lot of merits which cannot be ignored by only looking at the name and believing that it is only for Muslims. Indian economic system needs a financial system which will work for welfare and not for profit to help poor communities in coming out of poverty. Interest free loans and micro-finance tools are the only way to help below poverty line population to raise their income level.
1. Introduction
2. Literature Review
3. Discussion
3.1. Why India should allow Islamic banking, even ifthey change its nomenclature.
3.2. Indian Economy: Current Status
3.3. Islamic banking for all religions
4. Challenges and Issues of Forming IslamicBanking in India
4.1. Amendments in Banking Regulation Act 1949
4.2. India's secular nature
4.3. Interests
4.4. SLR Requirements
5. Limitations
5.1. Problems with depositors
5.2. Lack of theoretical Research
5.3. Ignorance of Media
6. Suggestions
6.1. Islamic capital markets
6.2. Non-bank institutions
6.3. Social Islamic finance
7. Conclusion
References
