By TCN News,
New Delhi: What are the opportunities for India to come in the league of developed countries when the latter are facing historic economic slowdown? Many – from huge investment in infrastructure to introduction of Islamic banking and finance. A two-day international conference on “Beyond the Meltdown: Search for Options” to be held on February 3-4 in New Delhi will discuss the issue.
Being organized by Institute of Objective Studies in collaboration with Indo-Arab Economic Co-operation Forum the conference to at India Islamic Cultural Centre will be inaugurated by S.M. Krishna, Minister of External Affairs, Government of India. The organizers expect a substantial turnout of the corporate world, financial houses, academicians and policy formulators from India and the Arab world.
[Photo by umennet]
Though Islamic finance still is a relatively small niche within the spectrum of financial services, the opportunity it presents is huge, said the organizers. The Indian government in the last five years has been seriously considering welcoming Islamic banking and finance. Having contributed world over in financing major infrastructural projects, Islamic finance – which is equity-based and not interest-based – could be a significant contributor to sustain India’s infrastructural development in times of recession.
Recently, Unit Trust of India launched Shariah-compliant Portfolio Management Services in collaboration with Indo-Arab Economic Co-operation Forum. Unit Trust of India is also having an Overseas Shariah Compliant Fund and by now it has amassed considerable experience in handling Muslim cultural sensitivities in financial matters. Other Asset Management Companies like Reliance Money and Religare have also launched similar Shariah-compliant stocks. Indeed, as the government is looking for funds to finance various large projects to provide stimulus to the meltdown-hit economy, Islamic banking could help augment fresh funds to the mainstream.
The conference would be divided in the five business sessions devoted for considerations of issues involved in the themes like:
- Infrastructure: Opportunities Abound
- Recession: A Good Time for Entrepreneurs
- Rural Demand: Untapped Market Potential
- Islamic Finance: From Niche to Mainstream
- Post Recession: A Search for Greener Options
According to Dr. Mohd. Manzoor Alam, President, Indo-Arab Economic Co-operation Forum, some of the confirmed foreign dignitaries addressing the conference are Dr. Anwar Ibrahim, Former Dy. Prime Minister of Malaysia; Dr. Samir Q. Fakhro, VC Arab Open University & Advisor to UNESCO on IT & Education, Bahrain; Mr. Rudy Yaksick, Partner, Concord Capital Partners, USA; Dr. Umar Chapra, Advisor, Islamic Development Bank, Jeddah, KSA; Dr. Banbang Brodjonbgoro, Director General, IRTI, Islamic Development Bank, Jeddah, KSA; Dr. Dammas Al-Ghamdi, Bank Al-Jazira, Jeddah, KSA etc.
Some of the confirmed Indian speakers to the conference include Mr. K. Rahman Khan, Dy. Chairperson, Rajya Sabha; Justice AM Ahmadi, Former Chief Justice of India; Mr. C.P. Joshi, Minister of Rural Development & Panchayati Raj; Mrs. Sheila Dikshit, Chief Minister of Delhi; M. Bhupender Singh Hooda CM of Haryan, Mr. Nikhil Kumar, Governor of Nagaland; Mr. Jitin Prasad, MOS, Steel and Natural Gas; Mr. R.P.N Singh, MOS, Rural Development; Mr. S. Sridhar, CMD Central Bank of India; Mr. M. Damodaran, Former Chairman, SEBI, UTI and IDBI; Prof. (Dr.) Vinaysheel Gautam, Founder Director, IIM K; and first Head, Management Department, IIT – Delhi; Mr. U.K. Sinha, CMD, UTI; Dr. Abusaleh Shariff,
Besides, Senior Research Fellow, IFPRI – New Delhi; Dr. Charan D. Wadhva, Former President, Centre for Policy Research, New Delhi; Dr. Sanjay K. Jain, Head, Deptt. of Commerce, Delhi School of Economics, DU, Dr. Nitish Sen Gupta, Ex-MP, Chairman, Board for Reconstruction of Public Sector, Enterprises, Govt. of India etc. Mr. Bhaskar Chatterjee, Secretary, Deptt. of Public Enterprises, Ministry of Heavy Industries, Govt. of India; Mr. M. Yusuf Khan, Ex-Chairman, IDBI Bank Ltd., Mr. Badrinath, Editor – Policy, Financial Chronicle; Ms. Sucheta Dalal, Consulting Editor of Money LIFE Magazine and Mr. Deepak Amitabh, Director (Finance), Power Trading Corporation, will also attend the conference.