Desti Kannaiah

Islamic finance presents a new avenue as a novel alternative to the conventional financial set-up in this country. The purpose of this study is to find out the prospects of Islamic banking in India. The objectives of this study have been met by conducting a survey to elicit the responses from retail customers of both private and public sector banks in four cities of South India. The survey was carried out among both Muslims and non-Muslims to find out about the awareness levels, patronage, motivation and perception towards Islamic banking in India. The results reveal that the respondents have a favorable perception towards Islamic banking, especially from the city of Hyderabad, since it has got a lot of institutions that run courses on Islamic banking.
In the current study, it is found that Islamic banking is having low level of awareness among the respondents. However, the attitude towards adoption of Islamic Banking seems encouraging, as reflected in the study. The findings of this research gain significance due to the fact that this sample represents a segment of the entire population of South India and thus, acts as a pre-cursor to a detailed study involving various other such demographic denominations. The future directions for this research could be carried out by drawing such clusters across the rest of the country. This may help to understand and get a better and broader perspective of the need for Islamic banking and hence, its prospects in India.

Retracted on the 17th of April, 2020 by the Journal’s owner request dated April 12th 2020. The type of retraction – plagiarism.

The owner of the journal was asked to retract this article because of plagiarism. The request came from the author of the dissertation, which was published a year before the publication of the article. The author insisted that there was significant plagiarism in the article that could not be adjusted.

Editorial staff carried out an investigation into plagiarism in the article published. When the manuscript was submitted to the Journals for consideration, the authors signed the Cover letter and attested to the fact that their manuscript is an original research and has not been published before. After that, the manuscript was accepted for consideration by the Managing Editor and was tested for plagiarism using the iThenticate program. Plagiarism was not detected. Later, after the article complaint and the statement of plagiarism, we used all the sources and resources provided by the complainant, the article was re-tested for plagiarism, and plagiarism was established with a similarity index of 69%.

According to the results of the investigation, the editorial board decided to retract the article on April 17, 2020.

The authors were notified of such a decision and reported that they accept and do not dispute the retraction decision.