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Islamic Finance

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ET in the classroom: What is Islamic finance?

What is Islamic finance? Islamic finance refers to a financial system that is consistent with the principles of Sharia, the sacred law of Islam. It is different from regular banking in that it prohibits earning of interest (or riba) through the business of lending. It also prohibits direct or indirect …

Islamic ‘finance’: Between faith and the law

By Sugata Ghosh & Shailesh Menon On September 9, a senior bureaucrat told an Indian court that the law of the land does not allow Islamic banking. He was stating the government’s position before the court which was hearing a petition that challenged the functioning of such institutions in India. …

Islamic Finance under Indian Legal System

By K.A. Najmi It is possible to operate a financial institution following the extant laws and regulations and at the same time ensure that the transactions carried out by the institution comply with the principles of Islamic Shari’ah. The existing statutory regime provides enough leeway to follow the law and …