By TCN Special Correspondent,
Azamgarh: A three-day workshop (2-4 June) on Islamic Economics, Banking and Finance was held in Jamiatul Falah, Bilariyaganj, Azamgarh. The workshop was organized by SIO (Students Islamic Organization: a student wing of Jamaat-e-Islami Hind). After the formal inaugural session from 3 to 4:30 pm on 2nd June, six academic sessions were held in three days. A number of eminent economists and scholars addressed the workshop followed by thorough discussion through Q&A session.
In the morning session on 3rd June, Maulana Tahir Madni, Director, Jamiatul Falah, spoke on “Islamic Laws inheritance: An Economics Perspective”. He elaborated on the right of daughters in Islam but lamented the lack of its implementation in actual practice. He stressed upon exemplary following of these rights first by those who are well versed with Islamic Laws so that others can follow easily.
H. Abdur Raqeeb, General Secretary, Indian Centre for Islamic Finance (ICIF), New Delhi
He mentioned about the importance of will but explained its restriction to only one third of the whole property. However, a will cannot in any case deprive the rights of inheritors and should be according to the inherited share of all heirs. Stressing upon the necessity of will he, in particular, mentioned helping orphans who are not entitled to inheritance.
Workshop participants enthusiastically asked questions which were satisfactorily replied by the speaker. A lot of important points got clarified through active Q&A session e.g. women’s less share compared to men is because of more economic responsibility on men; after death of a person names of all inheritors must get endorsed in property documents and the property may remain as such or may be divided among inheritors as per their share; inheritance is only after death of the person but whatever is given during life time is actually gift which may be equitably distributed or as per economic stability of children.
Mr. H. Abdur Raqeeb, General Secretary, Indian Centre for Islamic Finance (ICIF), New Delhi, spoke on “Islamic Banking: Scope & Hindrance in India”. He emphasized the importance of Islamic interest-free banking and told about its success implementation in Malaysia, Singapore, U.K., Switzerland etc. Not only Muslims but non-Muslims are also preferring transactions through Islamic banking. He quoted figures of 55% Muslims, 45% non-Muslims for Malaysia and 20% non-Muslims for England. Thirty years ago Islamic banking (IB) was introduced as alternative window in the conventional banking system and it gained popularity in view of 15-20% profit. He lamented a lukewarm attitude and lack of planning towards introduction of IB in India.
Maulana Tahir Madni, Director, Jamiatul Falah
It is important to understand ‘Shariat’, jurisprudence and modern banking in order to discuss IB. Mr. Abdur Raqeeb reminded importance of Makkah as centre of International trade and introduction of Islam in India through Muslim traders. He quoted Hadith which lays emphasis on trade for generation of wealth to the extent of 9 parts; rest 1 part through all other means. He told about ill effects of consumerism which exhorts spending instead of saving and stressed on discouraging credit card culture. Scope of IB can be gauged through recent research done in America and the world and views of Vatican on IB “The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial crisis” (L’Osservatore Romano, 5th March 2009).
Mr. Abdur Raqeeb enlightened the participants about renewed interest in IB after 2008 when the world witnessed an unprecedented recession. He told about England’s P.M. Gordon Brown’s decision (2005) to make England the hub and centre of IB. He posed the question, “If London, Hong Kong, Singapore, Malaysia can be centres of IB then why not Bombay, Delhi?”. In Indian context he quoted encouraging statements about IB by MS Swaminathan (‘Islmic banking, which propagates zero interest lending could hold the key to solving farmer’s suicide crisis’ The Indian Express, page no. 5, Chennai Edition dated April 6, 2010), Dr. Raghuram Rajan (Economist) and Justice Krishna Iyer.
He elaborated upon the difference between modern banking which treats money as commodity and keeps on stepwise lending of money on interest and IB where commodity is bought through money for trading and thus generating wealth. He mentioned ‘Occupy Wall Street protest’ as signs for change in favour of IB. There is no constitutional hindrance to IB in India said A.R. and gave the good news of initiation of ‘Haj fund’ on the model of Malaysia by K. Rahman Khan, former Deputy Chairmain Rajya Sabha.
Question and Answer session
Workshop participants queried the learned speaker who removed their doubts and apprehensions.
This important workshop was organized by Mr. Zahid Akhtar (District Organizer, SIO Azamgarh) with active support of Mr. Mohd. Asadullah (President SIO, UP East), Kafeel Ahmad and others.