Ethica Institute of Islamic Finance, a leading Islamic finance training and certification institute, has granted Infinity Consultants, an India-based advisory firm, rights to exclusively market and sell Ethica training across India.
Bids for the Ethica country exclusivity licence began last year and were concluded recently.
Other country exclusivity licences currently under discussion include ones for Pakistan, Oman, Australia, Nigeria, France, and Germany, a statement released here said.
Ethica is currently offered in 43 countries and this will be the first time a partner has the right to exclusively sell Ethica to an entire country.
"Ethica’s entry into India may be a critical turning point for bringing Islamic finance to a growing economic powerhouse with over 150 million Muslims...," the statement said.
Ethica’s spokesperson said: "In the aftermath of the global financial crisis, governments around the world recognise the precariousness of purely conventional capital markets and the need for asset-backed, equity-based finance.
"If India is going to attract Shariah-compliant investment at this critical time, when Gulf liquidity is fast making decisions about where to go next amid a growing Euro crisis, it will first have to train its professionals in AAOIFI-based Islamic finance."