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Ahmad Islam

Ahmad Islam

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Published by ahmadksath
islamic banking in india:future perespective
islamic banking in india:future perespective

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Published by: ahmadksath on May 09, 2010
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05/08/2010

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Islamic Banking In India
1
TERM PAPER OF BANKING & INSURANCESubmitted By:-
 Ahmad Mustafa
Roll No.R1801A16Reg. No. 10811688MBA 4
th
semester
 Submitted To:-Ms.
Anushital Sinha
 Lecturer LSB
 
Islamic Banking In India
2
Need and scope of this topic “Islamic Banking In India”
Since the base of Indian banking system is on usury or interest, so Quran and Hadith says,
"Those who devour usury will not stand except as stands one whom the Satan by his touchhas driven to madness. That is because they say, "trade is like usury", but Allah has permitted trade and has forbidden usury",
Quran:- Surah Al-baqarah verse no.275
"Allah will deprive usury of all blessing, and will give increase for deeds of charity, for hedoes not love any ungrateful sinner." 
Quran:- Surah Al-baqarah verse no. 276
 Hazrat Jabir radiyallahu anhu has reported that the Messenger of Allah sallallahu alaihewasallm cursed the devourer of usury, its payer, its scribe and its two witnesses. He also said that they were equal (in sin).
Hadith:- (Sahee-Muslim)
 Hazrat Umar bin Al-Khattab
radiyallahu anhu
reported: the last of what was revealed wasthe verse of usury. The Messenger of Allah
sallallahu alaihe wasallm
was taken and he had not explained it to us. So, give up usury and doubt.
Hadith:- (Ibn Majah, Darimi)
 
 Hazrat Abdullah bin Hanzalah
radiyallahu anhu
(who was washed by the angels) reported that the Messenger of Allah
sallallahu alaihe wasallm
said: A dirham of usury that a mandevours and he knows is greater than 36 fornications.
 
Hadith:- (Ahmed, Darqutni)
 
 
Islamic Banking In India
3
Why Islamic Banking
“Islamic banking system deal with money and not deal in money”
First is the choice and then suggestion of respected Mam that i was given this opportunity towork on this topic. Then being a Muslim and very eager to start Islamic banking business inlong run, wish of my life, was the matter of concern which compelled me to go for such task.In development of Muslim community investment, now Indians companies like RelianceIndia Insurance Company are targeting specific communities to get first-mover effect. Goneare the days when said community people were deprived of financial facilities.I would like to validate the above points from following news articles,1.
 
State Govt. Of kerala has shown green signal to establish Islamic bank there afteranalysis of the project. Now central Govt. Is also of the view to go for it as the basicconsept of Islamic banking is to keep interest of its customers with the investment asper Islamic Shariah and working without Usury system.
1
 
2.
 
Islamic banking is based on the principle that money cannot be lent for receivinginterest. Money can be used to generate wealth through legitimate trade andinvestment in assets. After rejection of commercial banks not to sell Islamic bank-products, Finance ministry of India has considered new category of NBFC’s that willoffer Islamic Banking products in india.
2
 3.
 
India’s eminent Islamic clerics have pitched for introduction of Islamic banking andfinancial system in the country while opening to the public the Islamic Investment &Finance Board, an advisory committee headed by clerics to assist both corporationsand markets as well as common people regarding Shariat-compliant investment andfinance.
3
 
1
Reference:- http://www.business-standard.com/india/storypage.php?autono=391289
2
Reference:- http://economictimes.indiatimes.com/news/economy/finance/Finmin-wants-NBFCs-to-start-Islamic-banking/articleshow/5764811.cms
3
Reference:-http://twocircles.net/2010mar28/muslim_clerics_launch_islamic_investment_advisory_board_pitch_islamic_banking.html

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