ALIGARH, March 25: The Department of Business Administration, Faculty of Management Studies and Research is organizing a one day conference on Islamic Finance on 29th March 2009 at AMU. This will be attended by eminent personalities from Industry and academics. The prominent speakers who are expected to attend the conference include Prof. Nejatullah Siddiqui, one of the pioneers of the concept of Islamic Banking. The industry will be represented by Mr. Vijay Mahajan, Chairman. Basix, a leading Microfinance organization, Mr. Shashi Krishnan, CIO, Bajaj Alianz, Mr. Yusuf Panchmariawalla, VP, Tata AIG, Mr. MH Khatkhatay, Senior Advisor, TASIS and Mr. Ashraf Mohamedy, MD, Idafa Investments and Dr. Shariq Nisar, CEO, Bearys Amanah.
Prof. Javed Akhtar, Dean, Faculty of Management Studies said that Islamic finance is emerging as one of the fastest growing areas of international finance. Islamic Finance forbids investment in interest bearing instruments/products and involving excessive uncertainty. It also prohibits investment in businesses that involve gambling, alcohol, pornography, tobacco etc. At present Islamic banking and finance practices have spread to about 75 countries of the world. The Raghuram Rajan committee set up by the government has recommended Islamic banking for financial inclusion of Muslim. The government of India is seriously considering various options for allowing Islamic Finance practices. Securities and Exchange Board of India (SEBI) has permitted India's first Shariah compliant mutual fund scheme.
Well-documented researches have shown that India provides one of the best oppol1unities for Shariah compliant investment, i.e., investment that meets Islamic criteria. In 2008, the number of companies listed on National Stock Exchange (NSE) was 1331.0ut of which, 405 were found to be Shariah compliant. India has the largest Muslim population after Indonesia; therefore. Islamic finance can help channelize vast amount of untapped saving of Muslim population. This will provide Indian economy much needed capital for growth.
(Dr. Rahat Abrar)
Public Relations' Officer