Microscopic origin of magnetism in the hematite ilmenite system Transition metal oxides show a series of interesting and exciting magnetic and electronic properties. Among all these intriguing features magnetism is a phenomenon occurring both at the microscopic and macroscopic scale and there is a particular interest to understand its origin. Not only inherent magnetic materials can show magnetic behavior but also magnetism can occur spontaneously at the interface even of nonmagnetic materials [1]. Interfaces of complex oxides provide rich physics and new possibilities for functional devices in future applications particularly in the growing field of spintronics [2 3]. Spintronics is an emerging technology that exploits the intrinsic spin of the electron and its associated magnetic moment.