Islamic Banking has potential to protect economy from unprecedented meltdown

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Islamic Banking, capable of protecting economy from unprecedented meltdown

Thursday, April 29, 2010 06:17:06 PM, Special Correspondent

Aligarh Muslim University (AMU) VC addressing the International Seminar on Islamic Banking

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'When London, Singapore and Tokyo can have Islamic banks, why not India?'

Aligarh: Faculty of Management Studies and Research, Aligarh Muslim University today organized an International Conference on ‘Islamic Finance: An Alternative Financial System’.

The main thrust behind organizing this conference was to bring together students and professionals from different field to interact on one platform and contribute towards sharing, designing, propagating and implementing Islamic Finance.

Modern Islamic Finance is a young but vibrant industry that is becoming an alternative form of Finance as well as an integral from mainstream finance. Its growth rate of 15 to 20 percent over the last few years and suggested future rate of 30 percent is encouraging.

In his welcome address, Prof. Khalid Azam, Chairman, Department of Management Studies and Research at AMU has pointed out that in the present economic scenario, Islamic banking and finance has been recognized by economists and bankers as an alternative way of managing the economy to protect it from unprecedented meltdown. It is also going to be effective in moving upward a grossly slowdown economy.

Professor Valeed A. Ansari, Course Coordinator said that AMU is the first and only Central University to introduce a Post Graduate Diploma in Islamic Banking and Finance 2009-2010. He said that all the students have done their training in most reputed firms like Reliance Capital Services, Secure Investment, Bajaj Allianz, Tauras Mutual Fund, etc.

In his presidential address, AMU Vice Chancellor, Prof. PK Abdul Azis said that AMU is an institution of great historic legacy and this institution has a deeply inspiring feelings among its alumni. Prof. Azis said that new building for management institute will be constructed. Mr. Ameer Ahmad, an alumnus has donated rupees one crore to this project.

Dr. Iqbal Masood Al-Nadwi, Shariah Scholar, Canada, Mufti Barkatullah, Advisor, Islamic Bank of Britain, Mr. Noorul Ameen, CEO, Reliance Capital Services, Mr. Sumesh Krishna, MD, Grameen Kovta, Micro Finance, Mr. Shariq Nisar, Director, TASIS, Bangalore, Dr. Abdul Hadi Shaikh, Senior Research Analyst, Data Rating Intellegence (S & P) and Mr. M.Y. Khan, Firmer Advisor, SEBI were the resource persons.

Ms. Nida Ghawar conducted the inaugural session.

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