Title:
A STUDY TO ANALYSE THE AWARENESS OF ISLAMIC BANKING AMONGST THE CITIZENS OF MUMBAI CITY, ITS SUBURBAN AREAS AND ITS EXTENDED SURROUNDING AREAS AND ITS FUTURE PROSPECTS IN THE CITY

Authors:
Aliraza Panjwani

ABSTRACT:
This research is relevant in the current scenario of the country, where, because of interest payments, there are a lot of farmer suicides, or suicides by others due to non-repayment of loans. With the increasing inflation each passing year, and the increase in interest rates leading to an increase in the debt-burden on the poor and the middle class, the relevance of Islamic Banking which provides an interest-free setup which would be a great relief to the masses, will act as a saviour. Besides, India has a huge population of Muslims who wish to conduct their banking transactions within the boundaries of Islamic Law, which facility, many of the conventional banks are not able to offer, prime of the issues being the paying and receiving of ‘interest’ which has been forbidden is Islamic Law. This study would provide an insight into the current awareness amongst the citizens of Mumbai city, its suburban areas and the extended surroundings including areas of Navi Mumbai, Thane, Panvel & Mira-Bhayander. These areas are chosen considering the city of Mumbai is the financial capital of the country. This research will also study the future prospects of Islamic Banking in the city in particular and in the country at large. Thus, this study is important for laying foundation for the establishment of the Islamic Banking System in the country. To conduct this study, primary data was gathered as well as some secondary data was used to support the study. To gather the primary data for the study, a questionnaire was prepared with a set of 17 questions (16 compulsory and 1 optional). This questionnaire was prepared in an online format through Google Forms and the link was circulated amongst contacts and through multiple social media platforms. The link was active for 2 weeks and 239 people responded. These responses were stored in an excel sheet and then on the results were drawn from it. The results of the summary had interesting findings.The majority of the respondents are Muslims (66.9%), and non-Muslim respondents have a representation of 33.1%. The study shows that 45.2% of the respondents, are from the age group of 22 – 24 and thus form a major part of respondents. Around 96.7% of the respondents have a bank account. There were incredibly positive responses for Islamic Banking when comparisons were made between Islamic and Conventional Banking as well as to the questions of future prospects of Islamic Banking.