Strategic Framework for Introduction of Islamic Banking in India

India has a very robust conventional banking system. However, lack of availability of Islamic-Banking in India results in huge losses of investments from rich Gulf nations that are looking for Shariah-Compliant investment avenues. Besides, India has the second highest Muslim population in the world. They too have been demanding Islamic-Banking in India. India would stand to gain a lot if Islamic Banking is gradually introduced. Many high-level committees of the Government as well as the Reserve Bank of India have advocated for Islamic Banking. This paper is an attempt to suggest a framework for the Introduction of Islamic Banking in India.