In the Name of Allah, Most Beneficent Most Merciful.

ISLAMIC BANKING:
GENERAL OVERVIEW
BY:MUDASIR GULZAR
MBA & PGPBM IIBS BANGALORE
MAIL ID:makbatool@yahoo.com
Oh believers, take not doubled and redoubled interest, and fear God so that you
may prosper.
Al-Qur'an
This era where trends flourish around increasing aspirations to identify with so
cial conscious initiatives, it comes as no surprise that Islamic Banking is boom
ing. The concept of interest is fundamental to the business of banking. With thi
s background it is very interesting that sharia banking is working without profi
ts and is still flourishing. They are not only profitable but are also growing a
t an astonishing rate in sense of capital, assets and consumers. From Jakarta to
Jeddah to Jordan, 280 Islamic banks operate in over 50 countries, with assets e
stimated between $ 250 million and $ 300 billion. Management Consultants Mckinse
y and Co. say in their world Islamic Competitiveness Report, 2007 that the value
of assets managed by Islamic Banks will grow by 33 % by 2010.

INTRODUCTION
Islamic banking refers to a system of banking, which is consistent with Islamic
Shari’ah (Law), and guided by Islamic economics. Islamic law prohibits the payment
and collection of riba (interest or usury).The main argument against interest i
s that money is not used as a commodity with which to make a profit but that it
should be earned on goods and services only, not on control of money itself. Fea
tures of Islamic Banking are based on ethical principles. Islamic Shari’ah allows
all economic activities in the framework of protecting public interest and safeg
uarding it. Man may make profit from doing business. However, when this runs aga
inst Islamic ethics and morality, it is outlawed. In addition, for an investment
to be legitimate, one of the most important requirements is that its outcome mu
st fulfil the reality of investment transactions and that it enables the Islamic
Financial Institution (IFI) to state what it expects to make in profits. Howeve
r, this cannot be determined as a certainty or can one commit one’s self to it, or
bear any loss sustained.
Main conditions governing Islamic investment include: Money does not generate or
beget money in itself, but it becomes productive if it is involving an activity
or work; Investment is subject to the rule of profit and loss sharing; Investme
nt in business activities is lawful, but prohibitions should be avoided. ; Contr
acts must be free of gharar (uncertainty, ignorance and the conditions which lea
d to disputes).

Historical Development
During the Islamic Golden Age, early forms of proto-capitalism and free markets
were present in the Caliphate, where an early market economy and an early form o
f mercantilism were developed between the 8th-12th centuries, which some refer t
o as "Islamic capitalism". A vigorous monetary economy was created on the basis
of the expanding levels of circulation of a stable high-value currency (the dina
r) and the integration of monetary areas that were previously independent.
A number of innovative concepts and techniques were introduced in early Islamic
banking, including bills of exchange, the first forms of partnership (mufawada)
such as limited partnerships (mudaraba), and the earliest forms of capital (al-m
al), capital accumulation (nama al-mal), cheques, promissory notes, trusts (see
Waqf), startup companies, transactional accounts, loaning, ledgers and assignmen
ts. Organizational enterprises similar to corporations independent from the stat
e also existed in the medieval Islamic world, while the agency institution was a
lso introduced during that time. Many of these early capitalist concepts were ad
opted and further advanced in medieval Europe from the 13th century onwards.
It seems that the history of Islamic banking could be divided into two parts. Th
e earliest references to the organization of banking on the basis of profit shar
ing rather than interest (Fiqh al-Muamalat-the fundamental principal of Islamic
Banking) can be traced to the late forties. However In the next two decades it a
ttracted more attention, partly because of the political interest that it create
d in Pakistan and partly because of the migration of muslims to the western coun
tries. The Islamic Development Bank, an inter-governmental bank established in 1
975, was born of this process, being the first bank incorporating the principles
of sharia banking. The first private interest-free bank, the Dubai Islamic Bank
, was also set up in 1975 by a group of Muslim businessmen from several countrie
s. Two more private banks were founded in 1977 under the name of Faisal Islamic
Bank in Egypt and the Sudan. In the same year the Kuwaiti government set up the
Kuwait Finance House. In the ten years since the establishment of the first priv
ate commercial bank in Dubai, more than 50 interest-free banks have come into be
ing. Though quite a few of them are in Muslim countries, there are now spreading
in other countries as well like in Denmark, Luxembourg, Switzerland and the UK.
In most countries the establishment of interest-free banking has been by private
initiative (mostly by migrant muslims). In Iran and Pakistan, however, it was b
y government initiative and covered all banks in the country.
Modern Islamic banking
The first modern experiment with Islamic banking was undertaken in Egypt under c
over without projecting an Islamic image—for fear of being seen as a manifestation
of Islamic fundamentalism that was anathema to the political regime. The pionee
ring effort, led by Ahmad Elnaggar, took the form of a savings bank based on pro
fit-sharing in the Egyptian town of Mit Ghamr in 1963. This experiment lasted un
til 1967 (Ready 1981), by which time there were nine such banks in the country.
In 1972, the Mit Ghamr Savings project became part of Nasr Social Bank which, ti
ll date, is still in business in Egypt. In 1975, the Islamic Development Bank wa
s set-up with the mission to provide funding to projects in the member countries
. The first modern commercial Islamic bank, Dubai Islamic Bank, opened its doors
in 1975. In the early years, the products offered were basic and strongly found
ed on conventional banking products, but in the last few years the industry is s
tarting to see strong development in new products and services.
Islamic Banking is growing at a rate of 10-15% per year and with signs of consis
tent future growth[11]. Islamic banks have more than 300 institutions spread ove
r 51 countries, including the United States through companies such as the Michig
an-based University Bank, as well as an additional 250 mutual funds that comply
with Islamic principles. It is estimated that over US$822 billion worldwide shar
ia-compliant assets are managed according to The Economist. This represents appr
oximately 0.5% of total world estimated assets as of 2005.
The World Islamic Banking Conference, held annually in Bahrain since 1994, is in
ternationally recognized as the largest and most significant gathering of Islami
c banking and finance leaders in the world.
The Vatican has put forward the idea that "the principles of Islamic finance may
represent a possible cure for ailing markets."
Principles
Islamic banking has the same purpose as conventional banking except that it oper
ates in accordance with the rules of Shariah, known as Fiqh al-Muamalat (Islamic
rules on transactions). The basic principle of Islamic banking is the sharing o
f profit and loss and the prohibition of riba (usury). Common terms used in Isla
mic banking include profit sharing (Mudharabah), safekeeping (Wadiah), joint ven
ture (Musharakah), cost plus (Murabahah), and leasing (Ijarah).
In an Islamic mortgage transaction, instead of loaning the buyer money to purcha
se the item, a bank might buy the item itself from the seller, and re-sell it to
the buyer at a profit, while allowing the buyer to pay the bank in installments
. However, the bank s profit cannot be made explicit and therefore there are no
additional penalties for late payment. In order to protect itself against defaul
t, the bank asks for strict collateral. The goods or land is registered to the n
ame of the buyer from the start of the transaction. This arrangement is called M
urabaha. Another approach is EIjara wa EIqtina, which is similar to real estate
leasing. Islamic banks handle loans for vehicles in a similar way (selling the v
ehicle at a higher-than-market price to the debtor and then retaining ownership
of the vehicle until the loan is paid).
An innovative approach applied by some banks for home loans, called Musharaka al
-Mutanaqisa, allows for a floating rate in the form of rental. The bank and borr
ower form a partnership entity, both providing capital at an agreed percentage t
o purchase the property. The partnership entity then rents out the property to t
he borrower and charges rent. The bank and the borrower will then share the proc
eeds from this rent based on the current equity share of the partnership. At the
same time, the borrower in the partnership entity also buys the bank s share of
the property at agreed installments until the full equity is transferred to the
borrower and the partnership is ended. If default occurs, both the bank and the
borrower receive a proportion of the proceeds from the sale of the property bas
ed on each party s current equity. This method allows for floating rates accordi
ng to the current market rate such as the BLR (base lending rate), especially in
a dual-banking system like in Malaysia.
There are several other approaches used in business transactions. Islamic banks
lend their money to companies by issuing floating rate interest loans. The float
ing rate of interest is pegged to the company s individual rate of return. Thus
the bank s profit on the loan is equal to a certain percentage of the company s
profits. Once the principal amount of the loan is repaid, the profit-sharing arr
angement is concluded. This practice is called Musharaka. Further, Mudaraba is v
enture capital funding of an entrepreneur who provides labor while financing is
provided by the bank so that both profit and risk are shared. Such participatory
arrangements between capital and labor reflect the Islamic view that the borrow
er must not bear all the risk/cost of a failure, resulting in a balanced distrib
ution of income and not allowing lender to monopolize the economy.
Islamic banking is restricted to Islamically acceptable transactions, which excl
ude those involving alcohol, pork, gambling, etc. The aim of this is to engage i
n only ethical investing, and moral purchasing.
In theory, Islamic banking is an example of full-reserve banking, with banks ach
ieving a 100% reserve ratio.However, in practice, this is not the case, and no e
xamples of 100 per cent reserve banking are observed.
Islamic banks have grown recently in the Muslim world but are a very small share
of the global banking system. Micro-lending institutions founded by Muslims, no
tably Grameen Bank, use conventional lending practices and are popular in some M
uslim nations, especially Bangladesh, but some do not consider them true Islamic
banking. However, Muhammad Yunus, the founder of Grameen Bank and microfinance
banking, and other supporters of microfinance, argue that the lack of collateral
and lack of excessive interest in micro-lending is consistent with the Islamic
prohibition of usury (riba).

HOW BIG IS THE INDUSTRY?

* There are more than 300 Islamic banks and investment firms globally, according
to the Bahrain-based General Council for Islamic Banks and Financial Institutio
ns. The figure does not include traditional banks with Islamic operations.
* Islamic financial institutions, including non-bank operations such as insuranc
e firms, manage more than $800 billion, according to data cited by the Islamic D
evelopment Bank in its 2005-2006 annual report.
* Islamic banks will hold 40 percent-to-50 percent of the savings of the world s
1.2 billion Muslims in eight-to-10 years, according to the International Islami
c Finance Forum.
* The total value of sukuk issued in the last six years is about $21 billion, ac
cording to data from by the Bahrain-based Liquidity Management Center (LMC). In
2006, $7 billion worth of sukuk was issued, an 87 percent increase on 2005. Suku
k worth $20 billion are still outstanding, LMC data showed.
SOME OBSTACLES
* Differing interpretations of Islamic law are hindering the growth of the Islam
ic banking industry by making it difficult to standardize products across market
s. Some scholars take the opposite view, fearing too much standardization will h
inder innovation.
* Some Gulf investors believe the Malaysian interpretation of Islamic law is too
flexible, stifling cooperation between the two regions. The Malaysian policy of
allowing debt to be traded in some Islamic transactions is a key bone of conten
tion.
* Malaysian Islamic finance deals are typically valued in ringgit, making them l
ess attractive to Gulf investors, who prefer U.S. dollars. Malaysia s capital ma
rkets are deep and liquid enough to easily sell products in the local currency,
unlike the Gulf, where dollars are used to widen appeal.
RIBA (USUARY / INTEREST)
The Islamic Economic System revolves upon the prohibition of Riba (interest).
What is Riba?
What does the Qur’an tell us about Riba?
What does the Hadith tell us about Riba?
What is the difference between interest and Riba?
Why are Muslims forbid from taking/accepting Riba?
Is Riba-free banking a reality?
What is Haram/Halal in business transactions?
Is Islamic banking possible in a non-Muslim society?
Is Islamic banking open to non-Muslims?
What is the difference between Islamic and Conventional banking?
What is the way forward in Kenya?
What can we learn from the experience of others?
The two main types of usury to be avoided are as follows:
Riba al-Nasiah
Riba al Nasiyah defined as: “any excess compensation over and above the principal
which is without due consideration.”
The Prophet (SAW) said:
“Every loan that draws interest is Riba”
»Ali ibn Talib).
Riba al-Nasiah, or deferred usury, is related to extension of the repayment peri
od for additional payment of money. It is also called Riba Jahiliyyah which was
a pre-Islam form of usury and the worst of its kind.
Riba al-Fadl
Riba al-Fadl means the excess which is taken in exchange of specific homogenous
commodities, such as selling gold with another gold, whereby one has more “weight” t
han the other.
“Oh believers, take not doubled and redoubled interest, and fear God so that you m
ay prosper.”
Qur’an
The Prophet banned all interest based transactions as well as cancelling all int
erest due to and from the people of Taif condition of the Taif Treaty.
PROHIBITION OF RIBA IN ISLAM
The Islamic Economic System revolves upon the prohibition of Riba.
Riba in the Qur’an
First Revelation:
“That which you give as interest to increase the peoples wealth increases not with
God; but that which you give in charity, seeking the goodwill of God, multiplie
s manifold”(30:39)
Surah Al Rum, verse 39
Riba from Surah Al Baqarah
“Those who benefit from interest shall be raised like those who have been driven t
o madness by the touch of the devil; this is because they say: “trade is like inte
rest” while God has permitted trade and forbidden interest.”
Qur an, 275.
God deprives interest of all blessing but blesses charity
Qur an, 276.
“O believers fear Allah and give up what is still due to you from interest (usury)
, if you are true believers.”
Qur an, 278.
“If you do not do so, then take notice of war from Allah and His Messenger. But, i
f you repent, you can have your principal. Neither should you commit injustice n
or should you be subjected to it”. 279 “O Believers, take not doubled and redoubled
interest and fear God so that you may prosper”
Surah Al Imran, 130-1.
Riba in the Hadith
The Prophet (SAW) said:
“Cursed is the receiver and the payer of interest, the one who records it and the
two witnesses to the transaction. They are all alike in guilt.”
»Jabirbin Abdalla(Muslim/Tirmidhi)
Prophet’s Last Pilgrimage
Jabir bin Abdalla(RAW) giving a report on the Prophet’s (SAW) farewell pilgrimage
said:
“The Prophet (SAW) addressed the people and said “All the Riba of Jahiliyyah is annu
lled. The first Riba that I annul is our Riba, that accruing to Abbasibnal Mutta
lib (Prophets uncle); it is cancelled completely”
»Muslim –Kitabal Hajj, Babb Hajjatial Nabi.
The Prophet s Vision During Miraj
The Prophet (SAW) said:
“On the night of Ascension, I came upon people whose stomachs were like houses wit
h snakes visible from the outside. I asked Gibril who they were. He replied that
they were people who had received interest.”
»(IbnMajah, MusnadAhmed)
PRINCIPLES OF ISLAMIC BANKING
Islamic Banking is based on the principles of trade, partnership, sharing of gai
ns and losses, and prohibition of reckless risk. It prohibits:
Interest-based banking
Gharar –unclear contracts
Maysir–speculation
Financing of haram transactions -– alcohol, gambling, pork, etc.
Lending in Islamic Banking
Islamic Financing involves a buy-sale deal or a rent to sale deal. There is alwa
ys an underlying asset behind the deal. Allah reminds us: “We have permitted trade
and forbidden riba”. In Islamic banking, the lender must share the risk with the
borrower.
Types of Lending contracts
Murabaha – sale contract
Mudaraba – Part financing
Musharika – Partnership
Ijara – rental/lease
Tawarruq – overdraft facilities.
Istisna’a
Salam
Murabaha
The term Murabaha comes from the Arabic word “rabh” which means profit (Short term t
rade financing). Client identifies goods which we wishes to buy for KShs. x and
requests a bank to finance the transaction. The Bank buys the said goods and res
ells them to the client for KShs. x+ margin (e.g. 10% agree profit).The Client t
hen repays within agreed timeframe.
Musharika
This is a joint enterprise formed for business where all the partners (Bank and
customer) contribute capital and share the profit according to a specific ratio
while any possible loss is in turn shared according to the capital contribution
by the two parties. Both the bank and the client contribute capital, client brin
gs know how. Profits/losses are thus shared on agreed ratios.
Musharika vs Interest Banking
The characteristics of Interest Based banking are:
Fixed Rate of Return percentage
Bank does not take any share of loss/risk
Banks not invoved in owning and selling of goods.
Mudaraba
This is a partnership where the bank contributes 100% of the capital and the cli
ent contributes know how. Profit is in turn shared on an agreed ratio. If there
are any losses, the bank absorbs it fully. This is the equivalent to 100% financ
ing by the bank.
Uses of Musharika/Mudhariba
Short/medium/long term financing
Project financing
SME set up
Import financing
LC’s
Export (Pre-shipment Financing
Working Capital Financing.
Diminishing Musharika
This is where a client wants the bank to finance and remain a partner. The Dimin
ishing Musharika/Murabaha is where the client buys out the shares of the bank ov
er time. The classic examples is for example, the purchase of houses, equipment
etc.
Ijara
Ijara is the same as leasing. The bank purchases the asset/house. There is Joint
ownership between the bank and the client. The client rents it from the bank. C
lient enters into an agreement to buy the shares from the bank over an agreed ti
meframe. He then buys out small amounts of shares from the bank time to time end
ing up with a hundred per cent (100%) ownership. Repayment is in the form of ren
tal costs which changes as the percentage owned by the client increases. The val
ue of the asset can also increase thus the bank has the right to charge a higher
price for the sale of its shares.
Istisna’a
Istisna’a is a sales transaction where a commodity is sold before it comes into ex
istence. For example this mode of financing may be used for home financing where
the client owns land and seeks financing for the construction of a house, the f
inancier can provide him with a constructed house on a specified piece of land.
The price must be fixed with the consent of all parties involved. All other nece
ssary specifications of the commodity must also be fully settled. The payment of
an Istisna’a may be made in advance or instalments or in a lump sum at the end of
the period.
Salam
Salam is a sales transaction where a commodity, usually horticultural or agricul
tural goods, is sold before it comes into existence. The price of the commodity
must be paid in advance to make the transaction valid.
Deposits in Islamic Banking
Clients deposits fall under the category of qard(Loan) to the bank and the bank
is obliged to pay back. These loans fall under the category of Musharika. The ba
nk is obliged to share in the profits of the bank with its depositors. Bank must
protect these assets on behalf of its clients as well as get them the highest h
alal returns. Since banks do not pay interest, clients must therefore become a p
artners or Mushariks to share in the profits. The only way to become a partner i
s to open an investment account (Time or Saving Deposit) which allows the bank t
o invest one’s money. Profit sharing is then calculated and distributed. Profits w
ill be very close to prevailing deposit rates.
Types of Accounts in an Islamic Financial Institution (IFI)
In Islamic banking each customer is a partner with the Islamic Financial Institu
tion (IFI). This relationship is classified as a Mudarib Partnership. Profits re
sulting from the account are divided between the parties. An IFI receives a cert
ain percentage of the net profits, as a return for the amounts deposited in diff
erent investment accounts as its share, being a Mudarib, as agreed between the c
ustomer, who is the investment account holder, and the IFI.

Current Accounts
Current accounts are an interest-free loan by the account holder to the Islamic
bank, which maintains these funds and pays them to the customer on demand. These
accounts are similar to a loan in guarantee and the payment of the same amount.
An IFI has the right to invest the funds it is holding in current accounts with
out the customer bearing any loss. For this reason, the customer does not get an
y profit on this type of account, but he also does not bear any loss.
Investment Savings Accounts
Many Islamic banks offer savings accounts to their customers. This account allow
s the account holder to place funds in a safe environment till such time when th
ey may wish to withdraw them. Profits and losses under investment savings accoun
ts accrue on the minimum monthly balance. Profits are paid, or losses are deduct
ed, after the expiry of the financial year and the net profits are determined.
The balances under investment savings accounts are invested on the basis of unre
stricted Mudharaba. An Islamic bank has the right to do everything necessary to
realize common interest.
An account holder authorizes the Islamic bank to invest the profits made from th
e moment they are registered in his own account with the Islamic bank.
DIFFERENCES BETWEEN ISLAMIC AND CONVENTIONAL BANKING
There are a number of key differences between the products and services offered
by a conventional bank in comparison to an Islamic Financial Institution (IFI).
Islamic transactions are created in view of the juristic rules of Islamic Shari’ah
and the differences can be highlighted as follows:
Qur’anic rule: “if the debtor is in a difficulty, grant him time till it is easy fo
r him to repay.” However, if he is procrastinating, the bank applies Shari’ah compli
ant rules to guarantee its right, but without resorting to interest.
Funds must be invested in lawful areas that achieve social and economic developm
ent. Areas outlawed by Shari’ah must be avoided. The capital is invested on a part
nership basis between the bank or entrepreneur and the capital provider.
SHAR’AH ADVISORY BOARDS/COMMITTEES
All Islamic Financial Institutions are required to have a Shari ah Supervisory B
oard/Committee. This Board should consist of trustworthy scholars who are highly
qualified to issue fatawa (religious rulings) on financial transactions. In add
ition, Shari ah board members ought to have considerable experience in modern bu
siness/financial dealings and transactions.
The world renown Shari ah expert, Sheikh Nizam Yaquby points out:
"The Articles of Association, prospectuses, or statutes (depending on the type o
f activity) should provide for the existence of a Shari’ah advisory board, whose f
atawa and resolutions should be binding upon the financial institution s board o
f directors and management. The advisory board is required to be independent and
free to give opinions on proposed contracts and transactions. The role of the S
hari’ah supervisory board should be concurrent with that of the financial institut
ion itself in the sense that it should be formed from the moment the financial i
nstitution is incorporated, and that it should provide continued supervision and
permanent checking of contracts, transactions, and procedures. This should be e
xpressly provided for in the Articles of Association or the prospectus."
Feasibility of Islamic banking in India
Current status of Islamic Banking in India
Islamic banks in India do not function under banking regulations. They are licen
sed under Non Banking Finance Companies Reserve Bank Directives 1997 RBI (Amendm
ent) Act 1997, and operate on profit and loss based on Islamic principles. All t
he Islamic banks have to be compulsorily registered with RBI.
Reasons for non implementation of Islamic Banking in India
In the straitjacket world of Indian banking, something as fascinating as Islamic
banking is a distant dream. Nonetheless, countless advocates of Islamic banking
 have been trying their best over the years to propagate the concept. In further
ance of this propagation the Reserve Bank of India (RBI) constituted a committee
in 2007 to examine the issue but viewed that Islamic banking cannot be offered
by banks in India as well as the overseas branches of local banks under the pres
ent legal framework. Except a basic offering like current account, almost no oth
er banking product in India can be modified to meet the conditions of Islamic ba
nking. As a genre of financial services, Islamic banking shuns the very idea of
interest rates, and rests on profit-sharing principles. Based on the Shar h law,
it abhors the business of making money out of money, upholding the belief that
wealth is generated through actual trade and investment.The RBI has not put the
report in the public domain.
While the final form of the report is not known, from the newspaper reports it c
an be collected that the members had pointed out how Indian banking laws come i
n the way of various Islamic banking principles. These are as follows:
1. n Al Wadiah (for saving bank account): Section 21 of the Banking Regulation
Act (BR Act) requires payment of interest on such deposits; thus, interest-free
deposit and a simple charging of premium or Hiba is not permissible.
2. Mudarabah (for term deposit or investment): Here again, Section 21 of the B
R Act disallows such products where the bank can invest the money in equity fund
s (in India, equity exposure is determined by a separate set of rules), and the
client has complete freedom in the management.
3. Mudarabah, Musharakah (for project finance and SME credit): Sections 5, 6 of
the BR Act indicate the forms of business a banking company can undertake, and
does not allow any kind of profit-sharing and partnership contract the basis of
Islamic banking.
4. Ijarah (for home finance) : As against Islamic banking where the banks owns
the asset and hold the title, Section 9 of the BR Act prevents the bank from any
sort of immovable property other than private use.
5. Istisna (leasing, buyback): Besides the usual curbs on acquiring immovable p
roperty, offering Islamic banking products many not are bankable due to stamp du
ty, central sales tax and state tax laws that will apply depending on the nature
of the transfer.
The BR Act even disallows an Indian bank from floating a subsidiary abroad to la
unch such products, or offering these through a special window. Thus, the upshot
of the findings is that such banking experiment is impossible without a new law
or multiple amendments to the BR Act.
Another important consideration is the tax procedures. While interest is a passi
ve income, profit is defiantly an earned income which is treated differently. If
principles of Islamic banking are incorporated then how does it comply with the
tax procedure is the moot question. Furthermore RBI cannot act as the lender to
such banks because such accommodation by the monetary authority is also interes
t based. Islamic banks cannot interact with conventional banks based on principl
es of interest.
Conclusion
Though it can be concluded that as of now RBI has stopped all the possibility of
Islamic banking in India (other than NBFCs), there are certain questions which
remain unanswered. The RBI report has not been made available on the public doma
in like other reports is definitely one question waiting to be answered. If the
international banks[10] have established Islamic merged it with their object of
profit making why can the same be done in India also is not answered. Keeping in
mind the flourishment of Islamic Banking all over the world and the muslim popu
lation in India these are the questions which have to be answered immediately an
d with certainty.
THANKING YOU
MUDASIR GULZAR
MBA & PGPBM IIBS BANGALORE
CONTACT AT: 9886168812
EMAINL ID: makbatool@yahoo.com