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Can there be banking without interest? If you creative design and interest free bank can be operated, how do the depositors get their return on their deposits? How can such a bank-be it commercial/investment bank or housing finance corporate-lend without interest to its customers? Is it possible to have insurance policies sans interest and gambling?

Do we have a viable alternative to the conventional banks and the derivatives which are described as weapons of financial mass destruction? If there is an alternative, how are they functioning across the globe? Can India possibly replicate some of the experiments of Islamic finance in its economy? What are the legal hurdles?

This book addresses these and many more issues. It is divided into five parts. The book is presented to the readers with a humble request that Islamic finance need not be viewed as Muslim’s financial system but as an alternative system of finance which has the potentiality of solving many of the ills of interest based financial institutions.

This book should prove to be fountain head of knowledge for all the finance professionals who would like to structure Islamic financial products, to the convention banks for launching Islamic windows and alternative financial products, to the RBI and the Ministry of Finance bureaucrats for taking a call on Islamic finance, to the academics as well as researchers for getting insights into the nuances of Islamic finance.