India has enormous opportunity for Sharia-compliant investments
India has little or no facilities for them to invest their money in a Sharia-compliant manner. The total size of 100 per cent Islamic funds registered for sale in India was only $3.1 million (Dh11.4 million) in March 2011.
But, actually, India is important for the growth of Islamic finance. The country has historical ties to the Gulf, and is not only part of the Bric group of nations (Brazil, Russia, India and China), but it is also categorised as a rapidly developing economy (RDE).