Interest free banking in the Contemporary Banking System

Prof. A. Aziz Ansari, Hareem Tariq

Abstract


The study discusses the possibilities of Interest Free banking in today’s banking system. Bank is actually a place or organization which helps in meeting a debtor with a creditor and perform host of other financial services. Some of the models and concepts given by authors in the field of Interest free banking in context of India are discussed with their implications and analysed for their feasibility in the present legal system.

Keywords: Bank, interest free banking model, feasibility, legal, implication.


References


Abdul Azim Islahi, “Obstacles in the way of Islamic Banking in India” MPRA Paper No. 18540,11. November 2009

Jammeh Basainey Ebrahima (2010) , Prospects and Challenges of Islamic Banking in USA,Journal of Social Science Research Network.

Report of the Committee on Financial Sectors Reforms, Planning Commission of India(2009)-SagePublications

Abdul Gafoor A.L.M.,1995 Interest Free Commercial Banking, 1995

www.thebanker.com, 04, August 2009 Issue. Islamic banking keeps Iran recession-proof

Chapra MU (1985). Towards A Just Monetary System, Leicester: The Islamic Foundation.

Cole HL, Kocherlakota N (1998). Zero Nominal Interest Rates: Why they’re good and get them. Fed. Reserve Bank Minneapolis Q., 22: 2-10.

Friedman M (1969). The optimum quantity of money, The Optimum Quantity of Money and Other Essays. Chicago: Aldine, pp. 1-50.

Haque NU, Mirakhor A (1986). Optimal profit-sharing contracts and investment in an interest-free Islamic economy. World Bank and IMF, Washington, DC.

Ahmad Khalil (2012) Feasibility Of Islamic Banking As An Alternative To Conventional Banking In India, Online International Interdisciplinary Research Journal, {Bi-Monthly}, ISSN2249-9598, Volume-II, Issue-II, Mar-Apr 2012

Asrar Mubashshir(2011) Principles of Islamic Banking and whether it can be applicable in India

Rarick A. Charles (2010) Islamic Finance:A Viable Alternative in the Global Financial Market:SSRN

Siddiqi M.N.(2009) Issues in Islamic BankingWaseem Ahmad(2008) Islamic Banking in the United Kingdom: Opportunities and Challenges SSRN.

Imam Patrick,Kpodar Kangni(2010) Islamic Banking Good for Growth, FINANCE & DEVELOPMENT, December 2010, Vol. 47, No. 4

http://www.ausaid.gov.au/Publications/Documents/financialservices-fullstrategy.pdf Financial Services for the Poor: A Strategy for the Australian Aid Program 2010-15

http://crisil.com/pdf/corporate/CRISIL-Inclusix.pdf, CRISIL,2013

http://www.nytimes.com/2010/11/18/world/asia/18micro.html?pagewanted=all&_r=0 New York Times, 2010.

http://www.jubilee-centre.org/the-ban-on-interest-dead-letter-or-radical-solution-by-paul-mills/11/05/2015

http://www.gulf-times.com/eco.-bus.%20news/256/details/410531/uk%E2%80%99s-ibb-is-set-to-become-al-rayan-bank,-serving-muslims,-non-muslims-alike 11/05/2015

Khan, Ajaz A., Sharia Compliant finance, http://www.halalmonk.com/ajaz-ahmed-khan-sharia-compliant-finance

Choudhury, M.A. and Malike, U.A. (1992) The Foundations of Islamic Political Economy, London: Macmillan; New York: St. Martin's Press.

Choudhury, M.A. and Malike, U.A. (1992) The Foundations of Islamic Political Economy, London: Macmillan; New York: St. Martin's Press., p.104

http://www.islamic-banking.com/what_is_ibanking.aspx 13/05/15

http://timesofindia.indiatimes.com/business/india-business/Address-financial-exclusion-based-on-faith-RBI-panel/articleshow/50360895.cms accessed on 02.01.2016.


پاراگلایدر Full Text: PDF

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.

ISSN : 2251-1547