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More than five decades ago, banking and finance based on the principles of Islamic Commercial Law (fiqh al-mu'amalat) was just a wishful thinking. However, since it's commencement in early 1960s, Islamic finance industry remained at constant momentum in and outside the Muslim world. Making space among the leading financial service providers like Hong Kong and Shanghai Banking Corporation(HSBC, London), Deutsche Bank (DB, Germany), Bank National Paris (BNP, France), Citi Group (U.S), Union Bank of Switzerland(USB, Switzerland), Merrill Lynch and Barclay's (UK), etc., the 'nascent' industry has now become a practical reality. As such, the developing Asian economies like India and Kazakhstan -(countries under study)- being home to large Muslim populations, are expected to offer a promising growth market to Islamic finance industry. The overview of socioeconomic factors like demography, religious participation, behavioral finance and demand for a robust financial structure after experiencing the worst consequences of global financial crisis, have led experts to expect a 'perception shift' in customer choice in general and Muslim customers in particular. Regardless of India being home to 177 million Muslims, and Kazakhstan, a Muslim majority state (70.2%), much has not been done to materialize the concept of Islamic banking and finance on practical grounds. The major impediment in the development of shari'ah compliant banking in both the countries is generally and genuinely ascribed to their respective secular constitutions. Although, felt heavy with customer interest, the government of Kazakhstan reformed the banking constitution in 2009, just to become the first country to facilitate the development of Islamic finance in the Common Wealth of Independent States (CIS). Currently, Kazakhstan has one full-fledged Islamic bank- Al Hilal Bank (established 2010), which offers both corporate and retail services. By now she has also the (Islamic) legal framework for sukuk (securities), takaful (insurance), and ijarah (leasing). Being the largest democracy of the world, the government of Indiais yet to introduce such type of constitutional change. However, one of her states in the South - Kerala State was the first to allow the Kerala State Industrial Development Corporation (KSIDC) to offer shari'ah compliant financial services to the Muslim community. It is with this background that the present paper will attempt to examine the feasibility and challenges of Islamic finance industry from Indian and Kazakhstan perspective by applying SWOT analysis method. [ABSTRACT FROM AUTHOR]