'Islamic banking not feasible in India'

Rethink india

Mohammad hassan | 16-Dec-2012Reply | Forward Indian law is so conservative to accept islamic banking now? India need to rethink and act now, the reality is clear.

Loan

Waseem Akhtar | 02-Oct-2012Reply | Forward Assalamoalaikum, I want to know that is there any option with Islamic Banking to get loan without any interest. Like this is not possible for a service class to buy Car or a Home on 100% cash or one time payment. So I the segment need to buy a new car or something like, they require loan from a reputed bank, and has to pay interest in huge amount. So please suggest any other way which is more convenient ant interest less.

Islamic Banking in India

SYED ILYAS BASHA | 28-Mar-2012Reply | Forward Global Economic Crises ISLAMIC FINANCE - A PERFECT ALTERNATIVE IS A HESITANT INDIA SET TO LOSE RACE? Syed Ilyas Basha People were on streets recently in many cities of United States and Europe in protest against the firscal policies of their governments. Noted Harvard based American economist and recipient of %u2018Padma Bhushan%u2019 award (2007) Professor Jeffrey Sachs talked about the ways to end the crisis. With the financial markets going through turbulent times and banks, currencies, even top leaders of various countries struggling together to bring back normalcy, the free market is in dole drum. The Professor, known for his outspoken stand on major economic policies of the day discussed the reasons for the debt crisis. ( while talking to Al Jazeera) QUOTE : %u201CThe banks have said: leave us deregulated; we know how to run things. Let the government not interfere in our affairs. With that freedom of maneuver, they took huge gambles, and even made illegal actions; and broke the world system. As soon as that happened, they rushed out to say %u2018bail us out, bail us out, if you don%u2019t bail us out; we%u2019re too big to fail, you have to save us%u2019. As soon as that was done, they said %u2018oh, don%u2019t regulate us, we know what to do%u2019. And they almost went back to their old story, and the public today is amazed; because we just bailed you out how can you pay yourself billions of dollars in bonus again? And the bankers say, well we deserve it, what%u2019s your problem%u2019? And the problem that the %u2018Occupy Wall Street%u2019 and other protesters have is: you don%u2019t deserve it, you nearly broke the system, you gamed the economy, you%u2019re paying mega fines, yet you%u2019re still in the White House you%u2019re going to the state dinners, you%u2019re paying yourself huge bonuses, what kind of system is this? When I talk about this in the United States, I am often attacked, %u2018oh, you don%u2019t believe in the free market economy%u2019, I say, how much free market can there be? You say deregulate, the moment the banks get in trouble, you say bail them out, the moment you bail them out, you say go back to deregulation. That%u2019s not a free market, that%u2019s a game, and we have to get out of the game/ We have to get back to grown-up behavior.%u201D UNQUOTE The crisis in U.S. caused doom to hundreds of smaller banks vanish in thick air, forcing the government extend bailouts running into Trillions of Dollars to major banks several times. Surely the turbulence was not a sudden phenomenon. International Monetary Fund Global Stability report on April, 2008 had warned the effects of credit crunch (started a few months ago) are likely to be broader, deeper and more protracted than in previous downturns. The report blamed lax regulation by governments, poor supervision by bankers as main contributors to the crisis. Such factors are often cited by IMF to explain in routine as vague reasons responsible for the situation. The actual reasons that have c