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Monday, August 09, 2010 09:31:58 AM, TCN News

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

Kochi: An international seminar on Islamic finance will be held in Kochi on October 4, 5 and 6, 2010. The seminar is organized by the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank Group and the Al Jamia al Islamiya (Islamic University) Kerala.


Papers have been invited for the seminar. An essay competition too has been announced.

An organising committee has been formed for the event with Justice VR Krishna Iyer as the Chief Patron and famous NRIs Dr P Muhammedali Gulfar and PV Abdul Vahab as patrons.


Other prominent members are H Abdur Raqeeb (chairman), Dr Abdussalam Ahmed (general convener), Js Abdul Gafoor, Prof MD Nalappat, Js PK Shamsudheen, HE Muhammed Babu Sait, T Balakrishnan IAS, Prof KA Siddiq Hasan, Thodiyoor Muhammed Kunhi Moulvi, etc.

Papers are invited on the topic ‘Islamic Finance in India: Products, Institutions and Regulations’ and must be submitted by August 15, 2010. They must be original contributions and written in English. The papers are expected to focus on Shariah issues, organizational issues, products, models and structures, regulatory and policy issues etc in relation with components such as companies, insurance companies, investment funds, venture finance providers, microfinance providers, zakat and waqf institutions, securities markets and infrastructure investment etc. Though the papers are expected to be India-focused, those highlighting the lessons from Islamic finance experiments from across the globe would also be encouraged.

Those papers for presentation will be selected by qualified individuals and the presenters will be informed within August 31, 2010. Travel and accommodation expenses of one author of a selected paper will be met by the IRTI. The organizers of the conference will also help arrange visas and accommodation facilities for international participants.

The academic contacts for the submission of papers are Dr Mohammed Obaidullah, of the Islamic Research and Training Institute, who can be contacted at or 966 2 6378927 (fax) and Dr Abdussalam M, Director of the Al Jamia al Islamiya Kerala, who can be contacted at or 91 4933 270565 (fax).

The guests expected to attend the seminar include Dr. Omar Chapra (Saudi Arabia), Dr. Mohammed Obaidullah (IDB), Dr. Bambang Brodjenegoro, Dr. Monzir Kahf (USA), Dr. Nazim Ali (Harward), Dr. Ali Quradagi ( Qatar), Dr. Hussain Hamid Hassan (UAE), Dr. Nizam Yakuby (Bahrain) and Dr. Ausaf ahmad (Delhi). The target audiences include representatives from regulatory bodies, professional organizations, Business associations, business houses, chamber of commerce and industry, foreign and Indian financial institutions, universities and social activists.

The essay competition too held as part of the seminar is open to all Indians. The topic of the essay is ‘Islamic Finance in India: Prospects and Challenges’. The contestants should provide their full postal addresses, occupation details and contact numbers along with the entries.


The essays should reach before 10th September, 2010 at the address - Essay@ISIFK, Al Jamia Al Islamiya Santhapuram, P.O. Pattikkad 679 325, Malappuram District Kerala – India. Entries can also be mailed to

Islamic finance and banking are successfully practiced in several countries across the world. Though Islamic banking is not being practiced in India, discussions on introducing the same are going on. Amendments are required to be made in the Reserve Bank regulations to introduce the system in the country and efforts are reportedly going on on the matter also. Kerala government has taken the initiative to begin a non-banking financial institution based on the principles of Islamic finance as Islamic bank as such could not be made operational at present.





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