Published Paper Details:

Islamic Banking is growing at a rapid speed and has showed unprecedented growth and expansion in last two decades in spite of mismatching of existing financial framework and business practices. The rhythm and the swiftness with which a number of Islamic Banks are coming up across the world have astonished many banking experts. Many international banks like ABN Amro, HSBC, American Express; ANZ Grindlays Bank, Chase Manhattan, Deutsche Bank, Standard Chartered Bank have already opened Islamic Banking divisions across the world especially in Middle East and North African countries (MENA),GCC Countries, Asia, Europe and USA etc. India has the third largest Muslim population in the world, which totals to around 161 million (2011census),i.e.,13-14 percent of the population. The percentage is much higher in some regions like Kerala and State of Jammu and Kashmir. Islamic Bank is a financial institution whose statutes, rules and procedures expressly state its commitment to the principles of Islamic Sharia and to the banning of the receipt and payment of interest on any of its operations. The paper will try to give an insight in to Islamic banking, the various products, present status worldwide and in India.