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.
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