International Research Journal of Commerce , Arts and Science

 ( Online- ISSN 2319 - 9202 )     New DOI : 10.32804/CASIRJ

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INTEREST FREE BANKING (IFB) – THE NEED TOWARDS BUILDING AWARENESS AND ACCEPTABILITY

    1 Author(s):  DR RAJIV CHOPRA

Vol -  2, Issue- 2 ,         Page(s) : 40 - 45  (2011 ) DOI : https://doi.org/10.32804/CASIRJ

Abstract

Interest Free Banking has been accepted the world over except INDIA, not only in countries where Muslims are in absolute majority but in countries where they are in minority. The reason being it has its advantage over conventional banking system, the advantage of doing business without the hassle of ‘interest’ element. Interest is a deterrent whereas ‘sharing profit’ is a logical reasoning. Interest Free Banking is not only for Muslims, it is for one and all, irrespective of any religion. In countries like Indonesia and Malaysia almost forty percent of the customers are non-Muslims. India needs to clean-up the illusions and myths that have become hurdles to accepting a system which the world has acknowledged.

1. http://www.dailymail.co.uk/indiahome/indianews/article-2260439/Government-mulls-free-banking-incentive-woo-Muslim-voters. 
2. Mohammad Faisal& Others; Awareness of Islamic Banking in India- An Empirical Study-.http://www.wbiconpro.com/ 
3. Maulana Syed AbulAalaMaududi; Sood (Urdu) 
4. Dr. Abdul Majid Ansari; Soodi LeenDeen-SanginMashiaurMashratiGunah(Urdu) 

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