A study on awareness of Islamic Banking in India  

Oleh:

Satijah, Vidha Dua ; Puri, Himanshu

Jenis: Article from Proceeding
Dalam koleksi: SIBR-Thammasat 2014 Conference on Interdisciplinary Business & Economics Research June 5th- 7th, 2014 di Emerald Hotel Bangkok, page 1-18.
Topik: Islamic Banking; Shariah; Riba; Banker; Muslim; India
Fulltext: b14-033.pdf (163.6KB)

Isi artikel

Islamic banking is defined as banking system which is in consonance with the spirit, ethos and value system of Islam and governed by the principles laid down by Islamic Shariah. Islamic banking believes in avoiding interest-based transactions prohibited in Islamic Shariah and also avoiding unethical and un-social practices. In real sense, Islamic Banking is the transformation of conventional money lending into transactions based on tangible assets and real services. The largest markets for Islamic banking are Saudi Arabia, USA, Turkey – this is considering Muslim population and per capita income. The fastest growing markets are Bahrain, Malaysia, and Indonesia. The potential for growth of Islamic finance is tremendous with estimates suggesting that within eight to ten years, half of saving of world’s 1.5 billion Muslims will be in Islamic banks. This means $905 billion assets in Middle East alone. When considered Muslims living outside Middle East, the Islamic banking is gradually flourishing in India as well. So, with respect to that the present paper is an attempt to judge the awareness level of such banking concept in the country like India. And moreover, it focuses on finding out the relationship between certain demographic factors and the level of awareness/opinion with respect to Islamic banking benefits and feasibility in India. The primary data has been collected for the purpose and tested by using t- statistic to prove the hypothesis formulated. The result proves that lot many products and concepts of Islamic banking system are not known to the respondents. There is a 2 significant difference have been found between the awareness and opinion of Banker and non-banker as well as Muslim and non-Muslim regarding benefits and feasibility of Islamic banking in India

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