1 Atharvved Finance Corporation
2 TAMEEM IMPEX
3 Associated Industrial Credit Society Al-Siraat Investment & Banking
4 The Bank of Tokyo-Mitsubishi UFJ, Ltd
5 Baitun Nasr Urban Cooperative Society
Trading
List of Islamic Banks in India
Published by Gbaf News
Posted on April 4, 2013
1 min read· Last updated: November 16, 2018
Key Takeaways
- India currently has no full-fledged Islamic banks operating under RBI's formal framework.
- Some NBFCs, cooperatives, and fintech startups offer Shariah-compliant financial services using workarounds.
- Entities like Atharvved Finance Corporation operate in finance and trade but are not formal Islamic banks.
- Regulatory barriers under the Banking Regulation Act of 1949 prevent formal Islamic banking in India.
References
Frequently Asked Questions
Are there any formal Islamic banks in India?
No, India currently does not have any formal Islamic banks recognized under the Reserve Bank of India's regulatory framework.
How do Shariah-compliant financial services operate in India?
Shariah-compliant services operate via NBFCs, cooperatives, or fintech firms offering models like Murabaha or Ijarah without being licensed as banks.
Why can't Islamic banking be established in India?
The Banking Regulation Act of 1949 and RBI regulations lack provisions for Islamic banking, making it legally unviable without legislative changes.
Tags
Related Articles
Iran says deal on Strait of Hormuz is close but will not open the waterway by itself
Bulgaria's Radev says drone exploded in Bulgaria's airspace
British music festivals stage tentative revival with perks and payment plans
Taipei says China's traffic control order for Taiwan Strait during typhoon is 'ridiculous'
US expects deal soon on Strait of Hormuz; Sunni powers unite in defense pact
More from Trading
Explore more articles in the Trading category
How Technology Is Quietly Reshaping Trading Infrastructure
Why Smarter Trading Depends on Better Information
How AI Is Supporting Smarter Trading Decisions
The Infrastructure Behind Faster and More Reliable Trading
The Psychology Behind Better Trading Decisions
Why Emotion Remains One of Trading's Biggest Challenges
Why Trading Technology Is Becoming More Invisible—and More Important
The Next Evolution of Digital Trading Platforms
The Growing Role of Real-Time Data in Modern Trading
Trading in Uncertain Markets: Why Preparation Matters More Than Prediction
The Overlooked Role of Position Sizing in Trading Success
Why Successful Trading Often Starts With Risk, Not Returns