A Study on Islamic Banking: Hindrances and Solution in India

Abstract

Economics is the most relevant and discussed topic in this era. Conventional banking system and Islamic banking system are the most competitive sector in banking sector. Adam smith is known as the father of modern economics but ibn kahldoun had written about economics before Adam smith in Arabic language. John Maynard Keynes one among the prominent economist says that Adam smith is not the father of economics he is just a editor. This shows that Islam and economics have a very old relation before the time of Adam smith.Islamic finance is a system of finance based on sharia or Islamic law, aims at accomplishing social and economic virtue and righteousness in all economic affairs.