Banking on faith
Globally, Islamic banking is entering the financial mainstream even in Muslim-minority countries such as the US, UK and Germany. ABN AMRO, Barclays, HSBC, Deutsche Bank, Citi and Standard Chartered, are all vying to get a share in this $300-billion business, which has registered a 10-15% growth in the past 10 years.
KK Ali, CEO, Alternative Investments and Credits Limited, Cochin, reckons, “Islamic banking is growing faster in secular countries in Europe and America. In Malaysia, more than 40% of the investors and 60% borrowers in Islamic banks are non-Muslims. One-fifth customers of Islamic Bank of Britain are non-Muslims.”
Javed Ahmad Khan, Associate Professor, Centre For West Asian Studies, Jamia Millia Islamia, author of Islamic Banking in India, Scopes & Challenges, advises that Islamic banks have to learn