When the going gets tough, the smart ones look for alternatives.
A clutch of IT companies are bullish on an ‘under-penetrated financial services domain’, which they claim will not be negatively impacted by the US credit crunch. What’s more, even global banks that have burnt their fingers in the U S sub-prime crisis are keen on action in this space, making the demand environment even more vibrant for Indian IT companies, they say. There are projections of this market reaching the $1-trillion mark in the near future.
Welcome to the world of Islamic banking.
What is this all about?