Developing Shariah - Compliant Financial Services for the Muslim Customers in India

India is an attractive and growing market for shariah-compliant financial services. Therefore, the purpose of this article is to propose a systematic process for developing new shariah-compliant financial services for the growing number of Muslim customers in the big emerging market of India. This article is based on a longitudinal case study of service innovation employed by a multinational bank providing a diverse range of financial services to the Indian Muslim customers. The findings suggest that a structured new service development process must be used for developing new shariah-compliant financial services. Customer interaction during the service innovation is also important. This research is the first attempt to explore the development process of new shariah-compliant services in India. The findings of this research can be very useful to the managers of multinational financial institutions interested in marketing Islamic banking products and services in the burgeoning Indian market.