Exploring Public Interest in Profit-Sharing with Banks: A Study for adaption of Non-Interest banking in the Indian

Abstract

Non-Interest Finance is a rising category of financial goods created to fulfill the needs of people all throughout the world, not a product that is inherently non-secular. The most important advantage of Islamic banking over traditional banking is its ability to boost cash-related transactions, which is necessary if India is to become a financial powerhouse in the near future. For Islamic banking, it is still a sizable and unfamiliar market. This study attempts to gain a deeper understanding of Indians' fervour for Islamic banking and their future possibilities. For this reason, a representative sample of the population is chosen and evaluated with the aid of a planned survey conducted. Applying the appropriate statistical techniques allows for the analysis of the data collected. Significant findings are reached and the appropriate inferences are drawn. This analysis will help us determine the likelihood and acceptability of a banking system without interest in India. Given that the benefits and possibilities much outweigh any drawbacks or difficulties, India should open its doors to Islamic banking. Islamic banking is another alternate type of banking that might increase commercial centre efficiency via innovation and competition. It helps to bridge India's expanding wealth gap.