What are the blockades in the way to the introduction of Islamic Banking system in India?
Three main blockades: First is the mindset of resistance to change. The financial world and banks are the last ones to change themselves in response to the needs of the society. Second hurdle is bureaucracy. Bureaucracy is overburdened with current regulatory task, and they dont want to learn new things. Third is the political bickering. The government and the opposition will use Islamic Banking as a football. So they dont want to bring this issue in the public and introduce legislative changes to allow Islamic Banking. Britain introduced Islamic Banking about a decade ago. What important role did the British Muslim community played in this regard? It is difficult to assess their role but the Muslim community has been very much participatory within the ranks of the ruling Labor Party. So lobbying for Islamic Banking was very much there. Besides, the Labor Party is thought to be traditionally very soft to immigrants. More importantly, the terror attacks in America and UK also gave the f
