For some time now representatives of
Indian Muslim community – some 180 million strong – have been
pushing for Shariah-Compliant products. Globally, it is a
$2-trillion industry growing at a double-digit rate. While West Asia
and Muslim countries take up a large part of this pie, developed
banking systems have also opened up windows to allow such products.
In recent years, banking & related Shariah-Compliant services have
been among the fastest-growing segments of finance in the West.
London is a big hub of Islamic banking. Germany and US have limited
offerings, but they can be found.
In India, there is an unmet market need for such products. Fewer
Muslims in India operate a bank account compared to other religions.
Because their religion does not allow them to invest in
interest-bearing products, Muslims end up keeping money at home or
running the risk of loan sharks & fly-by-night operators that use
the cover of NBFCs to hoodwink consumers.
Hence, there is a need to bring
awareness about available Shariah-Compliant Investment opportunities
& channel the community's savings into country's main stream
financial system with adequate capital protection while complying
with their religious obligations.