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All Journal ORGANIZE: Journal of Economics, Management and Finance Al-Arfa: Journal of Sharia, Islamic Economics and Law
Bilal Ahmad Ganaie
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Religion Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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Scope and Challenges of Islamic Finance in India Bilal Ahmad Ganaie; Nasir Nabi
ORGANIZE: Journal of Economics, Management and Finance Vol. 4 No. 4 (2025): Economic Transformation and Development
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58355/organize.v4i4.194

Abstract

Islam and Islamic financial institutions hold an established and expanding presence within the Indian socio-economic landscape. India is reported to host more than 300 Islamic financial institutions, reflecting the commitment of the Muslim community to the principles of Shariah-compliant finance. The origins of Islamic finance in India can be traced to the 1890s with the creation of an interest-free lending initiative in southern India. Following independence, the sector witnessed notable growth, particularly during the 1960s, when numerous Islamic welfare societies primarily administered by Jamaat-e-Islami Hind, emerged across southern states, adhering to the core ideals of Islamic finance. By the late twentieth century, several Islamic financial investment companies, including Al-Baraka Finance House Limited (Mumbai), Seyad Shariat Finance Limited (Tamil Nadu), Al-Najib Milli Mutual Benefits Ltd. (Najibabad), and Parsoli Corporation Ltd., had become operational across both southern and northern India. These institutions aim to advance socio-economic welfare through principles rooted in justice, equity, and ethical financial conduct. This paper examines the potential and feasibility of Islamic financial institutions in advancing inclusive economic growth in India. It also analyses their relevance in addressing financial exclusion, poverty, debt cycles, unemployment, and wealth disparities, while identifying key regulatory challenges and suggesting pathways for effective integration into the national financial system.
The Genesis and Development of Islamic Economics and Finance Bilal Ahmad Ganaie
Al-Arfa: Journal of Sharia, Islamic Economics and Law Vol. 3 No. 2 (2025): Transformative Islamic Economics and Law
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/arfa.v3i2.134

Abstract

The Islamic economic and finance industry has undergone significant transformation, evolving from a nascent sector into a robust global industry since the latter half of the 20th century. This sustained growth has exceeded the expectations of many who were initially skeptical of its viability. During the economic recession of 2008, Islamic economics and finance emerged as an unscathed, ethical, and resonant alternative to the conventional financial systems. As of 2023, the global financial landscape continues to grapple with numerous challenges, including geopolitical tensions, inflation, and excessive debt. Notwithstanding these formidable obstacles, the Islamic Financial Services Industry has persistently demonstrated remarkable growth, with approximately 3.38 trillion U.S. dollars currently engaged in this sector. The Islamic financial system has garnered attention from major international financial institutions, including the International Monetary Fund, the World Bank, and the World Trade Organization. However, despite its notable expansion, some Western scholars, including Timur Kuran, contend that the Islamic economic and financial system is a product of the 20th century and lacks a historical genesis. Kuran has further argued that this system exhibits a sectarian bias, which its founders developed primarily to benefit the Muslim community, thereby neglecting the welfare of other societal segments. Additionally, he posits that the system has been advocated by Abul Ala Mawdudi to support the movement of political Islam. Consequently, this paper seeks to address these critiques and to explore the historical origins and developmental trajectory of the Islamic economic and financial system.
Co-Authors Nasir Nabi