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Kerala to host global Islamic finance conference in October

Wednesday, September 16, 2009 03:14:37 PM, News Desk

Hussein Madavoor, center, addressing the press conference in Jeddah.

(Arab News photo)

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Malegaon:  Kerala is hosting an international conference on Islamic finance and interest-free banking next motn at Calicut. Perhaps the first of its kind on the subject in India, this global conference will be supported by the Jeddah-based Islamic Development Bank (IDB) and Kerala State Industrial Development Corporation (KSIDC).


According to a report published in Jeddah based Arab News, the two day conference will be held at Farook College in Calicut on October 3rd & 4th and will be organized by the post-graduate department of Rouzathul Uloom Arabic College (RUAC).


"We expect the conference to be historic and timely as it comes at a time when financial experts and investors are seeking effective solutions to the global crisis", Arab News writes quoting Hussein Madavoor, principal of RUAC as saying.


About 200 delegates from India and abroad are expected to take part in the two-day conference. “We have also invited IDB President Ahmed Muhammad Ali for the conference” Madavoor told a press conference at Al-Noor Medical Center in Sharafiya in Jeddah, Saudi Arabia.


Apart from finance ministers, bankers and economists, commerce department students and teachers will also be invited to the conference, says the report.


While highlighting the significance of the conference, Madavoor, who is a graduate of Umm Al-Qura University in Makkah and also a member of Kerala State Wakf Board said, "The conference will help understanding the concept as most people in India and elsewhere in the world are still unaware of the features and benefits of Islamic banking and finance."


“An American team of experts, which recently visited Riyadh to study prospects of Islamic finance, reached the conclusion that it is the right alternative to contain global financial crisis,” said Madavoor.


The Reguram Committee, appointed by Indian Prime Minister Manmohan Singh, recommended the introduction of interest-free finance and advised the government to take measures for the delivery of the service on a large-scale, including through the banking system.


Madavoor said the conference would urge the Indian government to license institutions to provide Islamic banking and finance services and open degree courses in the subject. Such courses will create more job opportunities for Indians in the Gulf countries, he added.


















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