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INTRODUCTION ................................................................................................. 1
History of Islamic Banking ................................................................................. 4
Purpose of Study ............................................................................................... 5
Objectives of the study ...................................................................................... 5
Hypothesis ......................................................................................................... 6
Delimitations of the study ................................................................................. 6
Review of related Literature .............................................................................. 7
Research Methodology .................................................................................... 11
Population ....................................................................................................... 11
Sample ............................................................................................................. 11
Research Instruments ..................................................................................... 12
Analysis of collected data: ............................................................................. 12
Conclusion ....................................................................................................... 15
Bibliography .................................................................................................... 17
ANNEXURES ..................................................................................................... 18
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In any economy banks play very important role. A bank is a reliable
financial institution, which has core business of mobilizing the savings of
people for investment purposes. It receives the money from one group andlends to other group of people. So bank performs the duty of financial
intermediary.
Usually there are two types of banks, conventional banks and Islamic
banks. In simple words Islamic banks operate in interest free system.
Prohibition of interest is designed in Islam in all forms and intent. This
Prohibition is strict, absolute and unambiguous.
The Holy Qur'an in verse 278 of Surah Al-Baqarah states:"O ye who believe!
Fear Allah and give up what remains of your demand for riba, if ye are indeedbelievers."
Verse 2: 279 says: "If you do it not, take notice of war from Allah and His
Messenger. But if ye turn back, ye shall have your capital sums. Deal not
unjustly and you shall not be dealt with unjustly."
Islamic banks appeared on the world scene as active players two
decades ago. But many of the principles on which Islamic banking is based
have been commonly acceptable all over the world for centuries rather than
decades, as it is evident that Islamic finance was practiced mainly in the
Muslim world throughout the middle Ages, promoting trade and business
activities. It is claimed that many concepts, techniques, and instruments of
Islamic finance were later adopted by European financiers and
businesspersons."
Although the western media frequently suggest that Islamic banking in
its present form is a recent phenomenon, in fact, the basic practices and
principles date back to the early part of the seventh century" (Islamic Finance:A Euro money Publication, 1997).
The main issue here is to know about the differences between
operations of a conventional bank and an Islamic bank by focusing on the
principles and instruments of Islamic banking.
It is difficult to say with accuracy which was the first such company or
bank that pioneered this concept of Islamic banking in practice. Some analysts
and experts in the field are of the opinion that, Islamic banking and finance,
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first emerged in 1963, when Mit Ghamr Saving Bank began an experimental
project offering interest free banking in Egypt. The project was a success and
lead to the bank opening four new branches by 1967.
Some observers are of the opinion that the concept of an "Islamic bank"was born at the Islamic Summit of Lahore, Pakistan in 1974 which
recommended the creation of an Islamic Development Bank.
Within few decades, Islamic banking and financial institutions have
been quick to establish themselves in all parts of the world in the form of
Islamic Commercial Banks, Investment and Holding Companies and
Development Banks. The over 150 such institutions that invest money
according to Islamic economic principles, are suspended to increase in
number over the next few years. Several Muslim countries like Indonesia,Iran, Malaysia, Pakistan, Sudan and Turkey, in recent years have been taking
steps to establish an Islamic banking and financial sector.
The significant decision of the Pakistani Supreme Court, in Ramadan
1420, to strike down all laws that condone interest and their orders to the
Federal government to bring all existing financial organizations in line with
Islamic principles is truly path-breaking
(www.alrajhibank.com.sa/islamicebanks.htm).
Conventional banks have begun to embrace Islamic banking on a
moderate scale. Here again the point arises, that, there is some difference
between the operations of two banking systems and also there is
something which is attracting conventional banks towards Islamic banking
system.
A significant proportion of the banking system has been Islamized in
Pakistan. Recently the State Bank of Pakistan has allowed commercial banks
to set up Islamic banking subsidiaries or provide full Islamic banking facilitiesthrough dedicated branches (Dawn economic & business review, 2003).
Meezan Bank of Pakistan had conducted a research last year on
Islamic banking. The main findings of the research were that there is a strong
need for a riba-free banking system. People perceive a number of
emotional benefits from a product that is based on the belief of Islam. The
objective is to lessen the feeling of guilt by following the canon of Islam.
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There is also a belief that Islamic banking will help fight the ills of the
economy of the country.
Many Western Ac adem ic Inst itut ion s are intr oduc ing Islamic
Economy and Banking as Subjects, like Harvard University Center for MiddleEastern Studies (CMES), Durham University, UK, Dow Jones University.etc.
These indicators reflect the rising trend of Islamic banking and finance
throughout the world. This encourages one to know in detail what Islamic
banking is all about, what are its principles and
Efforts in different countries for Islamic banking present not only an
excellent working examples for those who did not believe in the practicality
of the interest free banking but also provide a spade work over which the
infrastructure of interest free banking for a country could be built up.
Haqiqi & Pomeranz in their article Accounting Needs of Islamic
Banking gave the history of Islamic banking. They explained that, In
Muslim communities, limited banking activity, such as acceptance of deposits,
goes back to the time when the Prophet Muhammad was still alive. At that
time, people deposited money with the Prophet or with Abu Bakr Sadique,
the First Khalifa of Islam. The first modern Islamic bank, established inEgypt in 197, was called Nasser's Social Bank. Islamic accounting, an
essential tool for the success of Islamic banks, is said to have been
developed contemporaneously at the University of Cairo.
The desirability of abolishing fixed interest rates and the Islamization of
financial systems were discussed at the first meeting of the Islamic
Organization Conference (IOC) in Jeddah in 1973. Subsequently, many Islamic
banks were founded under the profit-and- loss sharing system (PLS), which will
be discussed below.
Islamic banking operations are not limited to Arab soil, or Islamic
countries, but are spreading throughout the world. One reason is the
"growing trend toward transcending national boundaries, and joining
Muslims into a political and economic entity that could have a significant
impact on the pattern of world trade. Since Muslims are inclined to follow
Islamic traditions, there is a tendency to establish an Islamic economic
system in every Islamic nation, And to restore Shariah Law as the basic source
for legislation" (Abdel-Magid).
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Further expansion is planned for example; DMI has announced a
five-year program to create a network of branches and subsidiaries in more
than twenty countries (The Economist, 1982).
An American businessman of Iraqi origin plans to establish a U.S. basedfinancial institution to be administered in accordance with Islamic banking
practice. When approved by U. S. authorities, the institution will serve
several million American Muslims (Barron's 1985).
External financing is important almost for every kind of business in an
economy and banking industry is the main facilitator in this regard. Islamic
banking system plays its role in the banking industry as its minor part. Even
though its a minor part it cant be left behind because banks are the bases of
the economic growth. So, studying Islamic banking system in detail will not
only benefit the researcher but also will be a source of effective information
for many classes of bank customers. It will help better understanding Islamic
banking system and its salient features.
My main purpose of the study of this topic to focus on the growth of
Islamic Banking sector in Pakistan, I will highlight the growth in all aspects,
growth in Market Share, Investment, Branch network, Depositors and manymore factors .
Research is a way to help students enhance their knowledge by
learning from the practical environment and also to apply the learned
theoretical concepts in the practical field. the main objective & purpose of
this study is to review the various aspects of Islamic Banking and to identifythe factor of growth of Islamic banking in Pakistan and also assess their
viability and applicability with respect to individual and corporate
consumers. More specifically the objectives will be:
To review the History and Development of Islamic Baking in the
Pakistan.
To focus on the growth of Islamic banking system in Pakistan
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To gauge the differences between interest based banking and Islamic
banking.
To understand the role of government of Pakistan in the
implementation of the proposed system.
To study consumer attitude towards Islamic Banking in order toevaluate its success in Pakistan.
Is Islamic banking becoming popular in Pakistan?
Is Islamic banking really a need of the people?
How it is different from conventional banking system?
Is the religious teachings main reason for growth of Islamic Banking?
The research is conducted within the following limitations:
1) To keep the study manageable, my research is conducted on limited
grounds.
2) The study is conducted on small level and only the important aspects
are considered.
3)
There was a shortage of time thats why limited data is collected.
4) Limited period of time and small sample size in survey
questionnaire.
5) Some respondents, who have limited knowledge of Islamic banking or
no knowledge about the financial modes of conventional and Islamic
banking, also answered the questions hence the replies of some
questions may be based on their own imagination or thoughts
6) Although majority of respondents of Islamic banking questionnaire were
account holders of Meezan Islamic Bank, however some of respondents
had accounts in other Islamic banks too or accounts in Islamicbranches of conventional banks, so the results of this study are not
fully applicable to Meezan Islamic Bank of Pakistan.
7) Therefore, in this study the results about Islamic banking should be
taken only as indicative and perceptive rather than conclusive.
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Islamic bankers do not expect to advance money and receive a
predetermined sum on a fixed date in the future. Under the Shariah, the base
of the Islamic faith, they are instead responsible for ensuring that money is
invested in viable projects, with reliable borrowers. If the project succeeds the
banker shares in the profit. If it fails he suffers the losses.
Islamic financial techniques have been employed successfully in a
growing number of major projects in the West. Al Rajhi Bank has
completed deals for the financing of ships and aircraft (using the Ijara -
lease financing technique), and many industrial projects including the
building of power stations, a refinery and schools, and the expansion of an
aluminium smelter in Bahrain (using the Istisna - deferred financing
technique).
Given the huge potential for development in the Islamic world and the
increasing amount of funds being invested according to the Shariah, it seems
perfectly reasonable to suppose that the recent growth in Islamic banking
will continue at an accelerated pace (Colin Willis).
The sources of knowledge are mainly newspapers and magazines,
television and radio, and family members. Many of the Muslim respondents
visit the banks branch and seek information about the bank services and
operations on their own initiative. For non-Muslims, about 75% of therespondents know of the existence of the Islamic bank from information
derived mainly from newspapers and magazines.
For millions of Muslims, banks are institutions to be avoided. Islam is a
religion which keeps Believers from the teller's window. Their Islamic beliefs
prevent them from dealings that involve usury or interest (Riba) Yet Muslims
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need banking services as much as anyone and for many purposes: to finance
new business ventures, to buy a house, to buy a car, to facilitate capital
investment, to undertake trading activities, and to offer a safe place for
savings. For Muslims are not averse to legitimate profit as Islam
encourages people to use money in Islamic ways, not just to keep their fundsidle (Nida'ul Islam, 1995).
Islamic banking is based on the Quran that teaches prohibition of
charging interest. Islamic banking is widely regarded as the fastest growing
sector in the Middle Eastern financial services market. The best known
feature of Islamic banking is the prohibition on interest. The Quran forbids
the charging of Riba on money lent.
The rules regarding Islamic finance are quite simple and can be summed up
as follows:a) Any predetermined payment over and above the actual amount of
principal is prohibited.
b) The lender must share in the profits or losses arising out of the enterprisefor which the money was lent.
c) Making money from money is not acceptable by Islam.d) Uncertainty, Risk or Speculation is also prohibited.
e) Investments should only support practices or products that are not
forbidden in Islam.
Islam was the basis of creation of an independent state within the
undivided Indo-Pak Sub- Continent. All Constitutions of Pakistan have
incorporated, within the principles of policy, the elimination of Riba as an
important objective of the State policy. Quaid-e-Azam in his speech at the
occasion of the inauguration of State Bank of Pakistan, had expressed the
desire for evolving an Islamic system of banking. In Pakistan Islamic banking
emerged as a response to both religious and economic needs.
Efforts for economy wide elimination of Riba started during 1970s and
most of the significant and practical steps were taken in early 1980s. It was
a very bold and comprehensive exercise. Pakistan was among the three
countries in the world that had been trying to implement interest free
banking at national level.
Numerous measures were taken to introduce interest free banking
in Pakistan. Banking and other relevant laws viz. SBP Act, Companies
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Ordinance, recovery laws, negotiable instruments act, etc. were amended to
facilitate interest free banking systemand the industry was given a specific
timeline to convert to the Islamic banking system.
State Bank Pakistan also gave the industry the products which it was
allowed to use without any change or exception. New regu lat ions
were prepared prescribing the modes of financing, profit distribution
mechanism for deposits, financing facilities by SBP, etc. which constituted
ground work for Islamization of financial system.
The efforts and practical steps undertaken in the 1980s to Islamize the
economy at national level are considered as pioneering work in the Muslim
world as this became important reference material for other countries
which undertook the path towards introduction and establishment of anIslamic banking system.
In early 90s the whole exercise was challenged in the Federal Shariah
Court and the procedure adopted by banks in Pakistan since July 1, 1985 was
declared un-Islamic by the Federal Shariah Court (FSC) in November 1991. The
system was based largely on mark-up technique with or without buy-back
arrangement. The FSC declared that various provisions of the laws held
repugnant to the injunctions of Islam in its Judgment dated November 14,
1991 wouldcease to have effect as from July 1, 1992.
In a meeting held on September 4, 2001 under the Chairmanship of
the President of Pakistan, attended by officials of the Ministries of Finance
and Law, Governor State Bankof Pakistan, Chairman and some members of
the Council of Islamic Ideology and the Chairmen, and the two Task Forces it
was decided that the shift to interest free economy would be made in a
gradual and phased manner and without causing any disruptions. It was also
agreed that State Bank of Pakistan would offer three institutional options:
1) Setting up subsidiaries by the commercial banks for the purpose of
conducting Shariah compliant transactions;
2) Specifying branches by the commercial banks exclusively dealing in Islamic
products with all safeguards to ensure integrity and purity of Islamic banking
operations,
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The growing depositors confidence is well reflected, which shows an
increase of 15.5 percent in the deposits. The deposit base of Islamic banks
stood at Rs 238 billion. Total liabilities of Islamic banks have increased by
13.3 percent to Rs 274 billion from Rs 242 billion. While the net assets and
equity increased by around 7 percent each. There is an increase of 6 percentin the reserves to one billion rupees and then appropriated profits increased
by 79 percent to Rs 900 million in last quarter.
Islamic Finance has made commendable progress in the last few years.
The growth rate remained consistently higher than the conventional
finance industry, culminating in continuously rising share of Islamic finance in
the local and global financial markets. The SBP is leading the way in Pakistan
and has envisioned to achieve a share of 12 percent by 2012 in its Islamic
banking strategy plan.
This study is basically descriptive in nature, and this would explore &
review the research done on Islamic banking by different researchers and
scholars.
This research work is from the data collected directly from the
financial Statements of the banks, both Islamic and conventional and also
from the reports of State Bank of Pakistan, another source is direct from thecustomer of the banks.
The primary data collection applied obtaining the information from
peoples through filling of questionnaires, observation, and interview methods
in Lahore. My university friends have also helped me for this work. 30 persons
at Meezan Islamic bank and 30 at conventional banks in Lahore were asked to
express their views during this study.
Population for this research is customers at Meezan Islamic bank and other
conventional bank (NIB Bank).
As I have limited time that is why to make the research size manageable in
time I have selected a sample of 30 people from each type of bank (Meezan
bank & NIB).
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I used Questionnaires & direct interviews to get the replies of Customers at
bank and also few personnel of banks.
The data collected is summarized according to the numerical order of the
questionnaire and analyzed according to the importance and need of the
study. Some of the questions are analyzed in details and some of are not due
to the requirement of the study.
18-30
31-40
41-50
51-60
Above 60
Answers showed that Islamic Baking is more popular in young and middle age
peoples of the society, while the conventional banks are popular in old orsenior citizens of the country
Male
Female
Respondents in both kind of banks were Male. During our whole stay, at
different place of the projected sites, we could not meet any female
respondent or account holder at Islamic Bank.
While there were some female coming in conventional Banks. This analysis
shows that Islamic banks have to make the females as their target customer,
so that the Islamic banking services can disburse in a balanced way.
Matric
Intermediate
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Graduate
Masters
Above masters
Islamic banking is more popular in highly educated class of the society ascompared to conventional banks. University graduates respondents of
Islamic banks represent 64.3 percent as compare to the 34 percent of
conventional banks respondents. While, high school graduate respondents at
conventional banks are 38.67% as compare to 5.33% in Islamic Banks.
Private employees and businessmen are more in numbers in Islamic banks as
compare to conventional banks. While t h e n u m b e r s o f s t u d e n t s
a n d government employees are more in the conventional banks.
Rs. 7000-10,000
Rs. 10,001- 20,000
Rs. 20,001- 25,000
Above Rs. 25,000
The result of this question shows that Islamic banks are more popular in high-level income groups of the society, whileconventional banks are more popular
in low-level income groups.
Investment/ Savings
Borrowings
Other
The distribution of account holders in both types of banks is symmetric.Although the purposes distribution is not very clear, yet conventional
bank have more numbers of respondents at their services section.
Yes
No
There was unexpectedly high percentage of the conventional bank account
holders or visitors who were well aware of the Islamic banking concepts. On
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the other hand, as oppose to our expectations 11 of the Islamic bank
respondents were not aware of the concepts of the Islamic banking. This
result shows that Islamic banks did not explained well the concepts of
Islamic banking to their customers. And this result was of opposite to
expectations, that Islamic banks enhance the awareness and education both
in economic as well as religious matters and support the religious resurgence
for the community
Yes
No
No reply
I got very supportive response for transfer of their financial activities from
conventional bank Islamic bank.
RIBA
Higher profit Other
Peoples want to transfer their bank dealings from conventional banks to
Islamic banks because of religious background as well as higher profits as
shown by the annual financial reports of both kinds of banks.
Yes No
No reply
This question also shows an affectionate attachment of the people for Islamic
baking. Even in the case of higher bank charges peoples are willing to
continue their dealings with Islamic bank.
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Agree
Disagree
Dont know
The replies of above question show that peoples in Pakistan expect that
Islamic banks are more helpful for economic development, societal balanceand human prosperity. It is also verdict from the injunction of Shariah rules
that Islamic financial institutions are obliged to participate in the equal
distribution of wealth, human prosperity and equal economic development
This research study is result of a pioneer fieldwork conducted so far on
Islamic Banking in Pakistan. Therefore, the results should be taken only as
indicative and perceptive rather than conclusive. It is hoped that further
empirical or theoretical studies will be done to draw more definitive realities.
In a system based on profit and loss sharing, it is to the advantage of
banks and financial institutions to invest in those projects where higher
rates of profits are anticipated. The Islamic banking system, therefore,
induces savings and capital formation and lead to optimum allocation of
resources.
Islamic banking is a part of over-all value system of Islam. It is,
therefore, imperative that simultaneously genuine efforts are made to ensurethat the people are imbued with honesty of purpose and their actions
conform to Islamic values. The basic values that Islam seeks to establish
are: (a) Freedom (b) Brotherhood (c) Equality (d) Justice (e) Trust i.e.
treating the God given capabilities and resources as trust. (f) Honest
Consciousness i.e. sense of responsibility and care for ones obligations.
It emerges from all this that Islamic banking has following
distinguishing features: (a) Islamic banks deal with money and do not deal in
money, (b) it is interest- free, (c) Lending and investing are treated
differently; loans are interest-free but carry a service charge, while investing
is on a profit-and-loss-sharing (mudaraba) basis, (d) it is multi-purpose and
not purely commercial, (e) it is strongly equity-oriented, and (f) Value erosion
of capital due to inflation is compensated.
Islamic have to develop the new modes of finance. That included a lot
of work to formulate new contractual arrangements on both their asset
and liability sides. They can participate and make use of such new and
innovative techniques that would help them better serve their customers.
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Islamic banks like all other modern conventional banks under interest-
based system have to remain competitive and tailor their services and
products according to the needs and requirements of their clients, ensuring
that the products designed by them remain within the framework of
Shariah.
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Author. (November-December ,1995). Principle of Islamic Banking.
Nida'ul Islam Magazine, 10th
issue.
Mishkin, S. Fredevic (1995). The Economic of Money, Banking and
Financial Markets.
Khan, Abdul Wadood. (1999). Interest Free Banking:Lahore.
Khawaja, Abdul Haleem . (1994). Economic Theory Lahore: Naveed
Publications.
Siddiqi, Najatullah, M. (1983). Banking without Interest. Leiscester: the
Islamic founded on, UK.
Khan, Ikram, M. (1992). Islamic Banking in Pakistan: Lahore
Taqi Usmani, M .(1998).An Introduction to Islamic Finance. IdaratulMa'arif: Karachi, Pakistan
Uzair, M. (2001). Interest Free Banking : Royal Book Company Karachi.
State Bank of Pakistan (2009) Quarterly Report on Islamic Banking
Dawn economic & business review, 2003.
http://www.islamic-banking.com/ibanking/whatib.php
www.alrajhibank.com.sa/islamicebanks.html
http://www.islamicconferences.com http://www.islamicbanking-finance.com
http://www.islamic-finance.net
http://www.albaraka.com/islamicinfo/islamicbooks/instruments/table.ht
http://www.worldbank.org/fandd/english/0697/articles/0140697.htm
http://www.islamic-economics.com
http://www. riba-free-economy.com
http://www.interest-free commercial banking.com
http://www.gdrc.org/icm/islamic-banking.html
http://www.islam.org.au/http://www.islamic-banking.com/ibanking/whatib.phphttp://www.islamic-banking.com/ibanking/whatib.phphttp://www.alrajhibank.com.sa/islamicebanks.htmlhttp://www.alrajhibank.com.sa/islamicebanks.htmlhttp://www.islamicconferences.com/http://www.islamicconferences.com/http://www.islamicbanking-finance.com/http://www.islamic-finance.net/http://www.islamic-finance.net/http://www.albaraka.com/islamicinfo/islamicbooks/instruments/table.hthttp://www.albaraka.com/islamicinfo/islamicbooks/instruments/table.hthttp://www.worldbank.org/fandd/english/0697/articles/0140697.htmhttp://www.worldbank.org/fandd/english/0697/articles/0140697.htmhttp://www.islamic-economics.com/http://www.islamic-economics.com/http://www.islamic-economics.com/http://www.riba-free-economy.com/http://www.gdrc.org/icm/islamic-banking.htmlhttp://www.gdrc.org/icm/islamic-banking.htmlhttp://www.gdrc.org/icm/islamic-banking.htmlhttp://www.riba-free-economy.com/http://www.islamic-economics.com/http://www.worldbank.org/fandd/english/0697/articles/0140697.htmhttp://www.albaraka.com/islamicinfo/islamicbooks/instruments/table.hthttp://www.islamic-finance.net/http://www.islamicbanking-finance.com/http://www.islamicconferences.com/http://www.alrajhibank.com.sa/islamicebanks.htmlhttp://www.islamic-banking.com/ibanking/whatib.phphttp://www.islamic-banking.com/ibanking/whatib.phphttp://www.islam.org.au/7/31/2019 Growth of Islamic Banking
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2003
1. Meezan Bank
2. Bank of Khyber
3. MCB Bank
4. Bank Al-Falah
2004
1. Albaraka Islamic Bank
2. Habib Bank AG Zurich
3. Standard Chartered
4. Metropolitan Bank
5. Soneri Bank
2005
1. Habib Bank
2. Bank Al Habib
2006
1. Dubai Islamic Bank
2. Bank Islami Pakistan
3. ABN Amro N.V. (Now RBS Bank)
4. Askari Bank Ltd.5. National Bank
6. United Bank Ltd.
2007
1. Emirates Global Islamic
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2. Dawood Islamic Bank
18-30
31-40
41-50
51-60
Above 60
Male
Female
Matric
Intermediate
Graduate
Masters
Above masters
Rs. 7000-10,000
Rs. 10,001- 20,000
Rs. 20,001- 25,000
Above Rs. 25,000
Investment/ Savings
Borrowings
Other Yes
No
Yes
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No
No reply
RIBA
Higher profit
Other
Yes
No
No reply
Agree
Disagree
Dont know
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