By Abdul Gani, TwoCircles.net,
Guwahati: In a bid to propagate the Interest-free banking, also known as Islamic banking and finance, University of Science & Technology, Meghalaya (USTM) of ERD Foundation organized a seminar in this regard at the premises of the university at 9th Mile in Ri-Bhoi district in Meghalaya on Saturday, August 17.
“USTM is pleased to introduce this concept to the leaders, scholars and students in the field of Banking, Finance, Management, Accounts, Economics and Commerce in the North Eastern Region and explore its possibilities to support grassroots level social financing to create new employment in diverse sectors of livelihood. This program is primarily designed for those who want to understand the basic concepts and the underlying mechanism behind Interest-free Banking and Finance,” said Prof P K Abdul Azis, Vice-Chancellor, USTM.
Interest-free banking, also known as Islamic banking and finance, has reached the shores of more than 75 nations of the world. The nations who have taken keen interest in promoting this concept also include developed nations such as the UK, the USA, France, Germany, Singapore, etc. Emergence of green and ethical movement has further provided impetus to Interest-free banking and finance. IMF and the World Bank have come up with researches that find Interest-free banking and finance more stable in comparison with the conventional form of banking and finance.
Many Muslim nations of the Middle East and Far East have made substantial progress in promoting Interest-free Banking and Finance in their jurisdictions. Dr Sharique Nisar, Director (Research and Operations), Taqwa Advisory and Sharia Investment Solutions Pvt. Ltd. (TASIS), has consented to deliver a set of lectures and lead the Seminar.
Dr Nisar is a visiting faculty of Islamic Finance at AMU, Aligarh, BSAR University, Chennai and BSE Institute. He is among the senior most professionals of Interest-free Banking and Finance in India and is closely associated with both the academia as well as the industry.
In India too, several institutions including some owned by government have shown a determination to capitalize on this growing niche opportunity. Kerala Government owned KSIDC has taken keen interest in launching a Shariah compliant venture capital fund; General Insurance Corporation (GIC) of India has started Islamic Re-Insurance scheme;
SEBI has permitted several schemes explicitly adhering to the Islamic laws of investments. BSE and NSE both have launched Shariah Indices to track the performance of Shariah compliant companies and attract investments in Indian capital market.
Mr Baharul Islam Laskar, OSD, USTM will be the Coordinator. For any information you can contact him at: 09401440015 (email: [email protected])