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Rahman Khan to inaugurate IIM Kashipur's course on Islamic Banking
Friday August 23, 2013 6:01 PM, News Network

In tandem with the growing interest in interest-free banking popularly termed as Islamic banking in India, Indian Institute of Management Kashipur will launch its Management Development Program (MDP) on Islamic Banking & Finance (IBF) on 24th August, 2013 at 9 am in the Conference Room of the India Islamic Cultural Center, New Delhi.

The two day programme will be inaugurated by K Rahman Khan, the Union Minister for Minority Affairs and Prof Gautam Sinha, Director, IIM Kashipur will address the valedictory function.

Rahman Khan has recently written to the Reserve Bank of India to allow Islamic banking in the country.

"The program is the first such executive course offered by a leading management school in the country on Islamic banking, which is considered the largest alternative financial system in the world today, growing at double digit growth rates with a presence in 75 countries and a total size of approximately of $2 trillion", Program Director and Chairperson (Planning & Development) Prof Baharul Islam said in a statement.

"IIM Kashipur decided to offer the programme in view of the huge interest in this subject among various sections and the growing demand for Islamic finance and banking solutions in the country", he said.

The global Islamic banking & finance (IBF) industry is presently centred in the Arabian Gulf and Malaysia regions, and is experiencing double digit growth rate as it expands to promising new growth areas in Africa, Europe, South and South East Asia.

"India is one of the countries expected to lead the next growth phase in this industry given the strong domestic demand anticipated in India for Islamic financial products and also given that a lot of Shari'a compliant investments are looking to be invested in Indian companies and infrastructure projects", Prof Baharul Islam said.

"The programme has already generated substantial interest and the confirmed participants include senior bureaucrats, officials of financial institutions, lawyers, academics, and bankers. It is expected that the participants will have received a thorough grounding in the key concepts and principles of IBF including a detailed overview of the rules governing all IBF products and their practical applications besides developing an understanding of the global IBF industry, its key growth drivers, ongoing developments and challenges faced", he added.

"Participants would be able to identify the relative strengths of the IBF system in comparison to the conventional interest based system and will have learn about new growth sectors and opportunities in IBF industry worldwide and in India", he said.

"The programme will employ a mix of classroom lectures, class exercises, case studies, interactive discussions and experience sharing. Both the conceptual and practical side of Islamic banking & finance will be discussed", he said.

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