An international seminar on ‘Islamic Finance in India (Products,
Institutions & Regulations)’ was inaugurated by Justice V R
Krishna Iyer here on Monday.
The three-day convention, being jointly organised by Al Jamia Al
Islamia and Islamic Research and Training Institute, Jeddah, aims
to create awareness on Islamic Banking system.
“The principles of Islamic Banking,
which prohibit charging of interest rates, are humanistic in
nature. The prejudice to Islamic Banking ought to change,” Justice
Krishna Iyer said.
He further said that Islamic banking should lead to freedom from
economic slavery. The freedom should be not only of Muslims, but
of all. The misunderstanding that Islamic banking is of Muslims
only should be changed. It is a democratic banking system. There
are not only humaneness and kindness but also productivity in it.
It is also a meaningful share-holding.
"Meaningful share-holding is the
growth of not only those who invest money but of those who labour
also. It is a system in which the one who invests and the one who
works for the venture share the profit and loss equally. The field
of production will enhance if Islamic finance is properly
followed", he added.
H Abdur Raqeeb, general secretary and convenor of the National
Committee on Islamic Banking of the Indian Centre for Islamic
Finance, who presided over the function, said Islamic Bbanking is
not aimed at Muslims alone, but for everyone who is interested in
an alternative system. There are many practical aspects to Islamic
finance in India. Interest-free banking is needed in India where
the common man is still outside the spectrum of financial growth.
He said many foreign countries have introduced it.
Muddassir Siddiqui, partner and head of Islamic Finance, Middle
East, SNR Denton and Company, said: “India has the talent and
other resources for development but needs money for infrastructure
and other development, it can make use of Islamic finance to fuel
its growth. Islamic banking is not asking for any favours but
asking for a level playing field, in a conventional system.” “Why
not open the country to new ideas in financing?” he asked.
E T Mohamed Basheer MP, M I Shanavas MP, and other dignitaries
also attended the function.
The programme can be watched live
online at the seminar’s website