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Delhi Conference to see birth of the first Indian board on Islamic Investment
Friday, March 26, 2010 05:07:57 AM, ummid.com Staff Reporter
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Malegaon: Notwithstanding the fact that the UPA government is not favoring the idea saying conditions not suitable for Islamic Banking in India as of now, those working for interest free finance system are not discouraged.
It became visible when Islamic Investment and Finance Board (IIFB) and ‘Islami Tijara’ decided to organise an Islamic Investment and Finance Conference March 28 in New Delhi.
The day-long conference would be held 04:00 PM onwards at the India Islamic Cultural Center, Lodi Estate in New Delhi and the focus would be on Islamic Finance and its scope in India.
Imtiyaz Merchant - Managing Director - Pragmatic Wealth management and one of the organisers says, the conference will also witness the inauguration of India’s first Islamic Investment and Finance Board (IIFB), along with the launch of India’s premier monthly ‘Islamic Finance Magazine’ Islami Tijara.
Stating that Islamic Finance and Ethical investments are gradually evolving into one of the most important asset classes and an alternate means in the financial services industry today, Imtiyaz says, "The primary driving factor for this phenomenon is the size of the Indian Muslim community and the fact that it represents a huge potential still waiting to be tapped."
"This is why", he says, "Institutional investors as well as conventional financial services firms are looking to enter this field. In the midst of high growth figures in this industry on a global basis, are challenges which must be addressed such as codification of Shariah compliance, Islamic regulation as well as different knowledge gaps within the financial services community about this important Asset class."
The formation of the Islamic Investment and Finance Board (IIFB) to be headed by Maulana Sayyad Mohammad Wali Rahmani had recently been announced in Mumbai. Maulana Rahmani - a former MLC in Bihar Assembly was recently in news when he founded Rahmani Foundation to help Muslim students clear IIT JEE.
Besides Maulana Mohd. Wali Rahmani, the Confernce will be addressed by Maulana Khalid Saifullah Rahmani, Mufti Shoibullah Khan, Imtiaz Merchant, Dr. M Y Khan (Ex Economic Advisor SEBI), Abdul Raqeeb, T Balakrishnan (Principal Secretary Kerala State Government), Mufadal Khumri and others expert on the subject.
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