Islamic Banking and Corporate Social Responsibility: Growth and Future Potential with Special Reference to Prospects in India

Islamic banking system follows the principles, rules and guidelines of Islamic Law. Islamic banking has gained prominence among the major global financial institutions, like banking sector in USA and UK (Grail research). Under the Islamic law equal rights have been given to the individuals and it is mandatory for the bank to use the finance for the development of the society. Development and welfare are the major concerns of the Islamic law. Islamic banking in India has much more potential and growth, because of existence of huge Muslim population in the country. In India there is need to follow the rules of Islamic banking under Corporate Social Responsibility of any institution or bank. India has the potential for emerging as a significant market for Islamic banking institutions provided there should be a favourable change in regulatory environment and increased awareness among Muslims and other population of the country. The overall aim of the paper is to highlight potential of Islamic banking in India. There is an act of csr 2013 which says the company net worth to be 500 crore or more turnover of the company Rs 1000 crore or more; every qualifying company requires spending of at least 2% of its average net profit for the immediately preceding 3 financial years on corporate social responsibility activities. Mehraj ud din wani"Islamic Banking and Corporate Social Responsibility: Growth and Future Potential with Special Reference to Prospects in India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-6 , October 2017, URL: http://www.ijtsrd.com/papers/ijtsrd5744.pdf http://www.ijtsrd.com/management/accounting-and-finance/5744/islamic-banking-and-corporate-social-responsibility-growth-and-future-potential-with-special-reference-to-prospects-in-india/mehraj-ud-din-wani