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Islamic Finance Briefing - Categorized | Banking, People more

Islamic banking: Developed by Indians, flourishing in other countries

Posted on 12 December 2011

A professional researcher on India-centric socio economic and political databases Shafeeq Rahman while stating that the core system of the interest-free banking, widely termed as the Islamic Banking System, is developed by economists of the Indian subcontinent expressed surprise over the fact that the region has gained nothing from it.
“The conceptual framework of Islamic banking is mainly developed by the Islamic economists of the Indian subcontinent; in particular, the complete non-interest banking module was developed for the first time in 1969 by Nejatullah Siddiqi though the business of Islamic banking flourished in West Asian countries, Iran, Malaysia and Indonesia”, Shafeeque Rahman wrote in a recent article published in Tehelka………………………………………..Full Article: Source

 
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