Introduction
PPF is a 30 year old statutory scheme of the Central Government started with the objective of providing old age income security to the unorganized sector workers and self employed persons. Presently, there are nearly 30 lakh PPF account holders in India across banks and post offices.

Eligibility
Any individual (salaried or non-salaried) can open a PPF account. He may also subscribe on behalf of a minor, HUF, AOP and BOI. Even NRIs can open PPF account.

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Globally, Islamic finance is estimated to be worth about $300 billion, growing at 20% annually. With this growth, the need for Shariah compliant financial products has also increased. The product offerings are similar to normal banking products; however the main difference is that the funds collected are not for the purpose of accumulating/ paying interest or invested in any negative businesses that harm morality of the society. The basic principle of Islamic banking is the prohibition of interest.

India with a 13% Muslim population, the highest in a non-Islamic country, should have been in the forefront of Islamic banking initiatives, but it is yet to be permitted here. It will hugely benefit the Indian economy by attracting investments from the cash rich Middle Eastern economies on the lookout for new investment destinations. Five Indian companies, Reliance Industries, Infosys Technologies Wipro, Tata Motors and Satyam Computer Services figure in the Standard & Poor’s BRIC Shariah Index.

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