GITAM scholar suggests Islamic banking in India

Visakhapatnam: R Satya Pavan Kumar has been awarded Doctorate of Philosophy (Ph D.) in the Faculty of Management on the successful completion of his research work in GITAM Institute of Management GITAM Deemed to be University on the topic "A Study on the Futuristic Scope of Islamic Banking in India with reference to its pivotal role in the Banking Structure of Bahrain" under the guidance of institute senior faculty member Prof. P. Sheela.

He found that the Islamic banking has evolved into a worldwide phenomenon and reached a stage where it has been adopted by many countries from the western world as well. Though it is based on Sharia law and strictly adheres to Islamic principles, the concept of not charging interest is something that proves to be beneficial to everyone irrespective of their religion, he observed.

His research focused on the scope of Islamic banking in India and the possible developments by launching Islamic banking system as a viable option on par with the conventional banking system. The research work highlights the growth and financial performance of Islamic banks in Bahrain, where there is strong conventional banking system in existence. It also presents the benefits to the society in terms of social equality and justice which is the contribution of Islamic banks.