Aligarh Muslim University Press Note

Aligarh March 29: Prof. Nejatullah Siddiqui, a renowned scholar and authority on Islamic Finance, said that philosophy of greed and individualism must give way to a cooperative approach to living. Prof. Siddiqui was delivering keynote address at the inaugural session of the Conference on "Islamic Finance and World Economy organized by the Department of Business Administration, Aligarh Muslim University inn collaboration with the Taqwaa Advisory and Shariah Investment Solutions (TASIS).

Prof. Siddiqui pointing out to the main causes of the current financial crisis that is leading the world to an economic disaster of unprecedented proportions, said that the absence of ethics and morality from the public square is also responsible for the dangerous situation at the international level. Almost all international financial institutions – the IMF and the World Bank included – have lost of poor countries. Most international organizations are perceived as the tools for serving hegemonic designs of the rich and powerful nations.

The Chief Investment Officer of Bajaj Allianz, Mr. Shashi Kushanan was the Chief Guest in the programme. He presented his views on Islamic investment solutions. Mr. Krishanan highlighted the scope of Islamic finance giving the ethical and moral approach of Shariah based investments. He said that India has Shariah compliant stocks more than any other Islamic country. More than 50% of the people investing in these stocks are non-Muslims.

Presiding over the inaugural session of the Conference the Vice Chancellor of Aligarh Muslim University Prof. P. K. Abdul Azis emphasized on an interest free financial system in accordance with Holy Quran and how it benefits everyone. The Vice Chancellor assured of all cooperation to the Department of Business Administration in starting such a course.

Earlier in his welcome note, Prof. Javed Akhtrar, Dean of Faculty of Managaement Studies and Chairman Department of Business Administration highlighted the importance of Islamic finance and other steps undertaken by the Department of Business Administration to promote it.

The vote of thanks was proposed by Dr. Valeed Ahmad Ansari, Organizing Secretary of the Conference. A considerable number of faculty members and students participate in the programme.

The content of the conference is better represented as Prof. Nejatullah Siddiqui puts, "Man must learn to live in moderation in view of the limits our environment imposes. Moderation in pursuit of material gains and in consumption has been part of the teachings of religions in general and Islam in particular. It is time to bring them in".

(Dr. Rahat Abrar)

Public Relations' Officer

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