By Faisal Fareed, TwoCircles.net,
Second session concludes
Mumbai: “Stock market welcomes Muslims with open hands, I urge the community to come and try various financial tool.” The advise came from none other than Deputy CEO, Bombay Stock Exchange (BSE), Mr. Ashish Chauhan during the second session of the annual conevention and award ceremony of TCN on theme-Towards Economic Empowerment of Mulsims (Beyond Sachar) organized at Taj President, Mumbai on Saturday 17th Dec.
“The BSE is for all and it is not fair to state that Muslims do not actively participate in stock market. In over a century old history of stock exchange in the country, only a minuscule population of the country participates in it,” said Mr. Chauhan. He, however, appealed to the Muslims to come ahead and invest in various financial tools which are available in the stock market.
Mr. Ashish Chauhan, Deputy CEO, Bombay Stock Exchange (BSE)
“We assure you that there are numerous financial instruments which are compliant to your religion. The investment is totally as per religious restrictions,” said Mr. Chauhan.
Lauding TCN efforts for providing an opportunity to interact with Muslim elite and present a case for their participation in the stock market, he also cited several examples of Muslims who are doing fine in the stock market. “We have several brokers who are Muslims and are doing great business. The scenario is changing and things will be better in coming days,” said Chauhan.
Mr. Vijay Mahajan, Founder, BASIX, and expert on micro-finance
Eminent expert on micro-finance and Founder BASIX, Mr. Vijay Mahajan advocated for financial tools which are in sync with Islamic shariah. Mr. Mahajan aptly presented the cases of micro-finance where small families prospered with loans of small amount. The micro-credit under Mahajan has expanded to over 450 crores. He also stated that Muslims are very much part of his financial instrument. “Nearly 12 percent of the people who have benefitted from micro-credit in our schemes are Muslims,” he said.
Mr. Waqar Naqvi, MD, Taurus, and expert on Shariah compliant financial instrument
Another expert on Shariah compliant financial instrument and MD, Taurus, Mr. Waqar Naqvi, however, lamented that Muslims are not coming forward for the Shariah compliant instruments. “We had enough of media coverage, it is now known to everybody still we are not getting the desired response. But there is hope and in coming years we are sure to succeed with more participation from Muslims,” he said.
H Abdur Raqeeb, General Secretary, Indian Centre for Islamic Finance
Prior to it, General Secretary, Indian Centre for Islamic Finance, H Abdur Raqeeb gave a detailed presentation on the importance of Islamic banking. Raqeeb also presented several incidents and facts where he persuaded with Prime Minister, Finance Minister and others for Islamic banking cause.
“Things are bright and there have been good signals from the government. Even RBI is also looking forward to Islamic banking and seriously contemplating for its implementation,” he said. Raqeeb’s remarks that Islamic banking as in Malaysia will be soon see the light of the day here in India was greeted with thunderous applause.
Dr Abusaleh Shariff, Chief Economist, National Council of Applied Economic Research (NCAER)
Dr Shariq Nisar, Director, TASIS, addressing the audience
The second session of the daylong program concluded with Dr Abusaleh Shareef and Dr Shariq Nisar, the founder of Shriah Index with their apt summing remarks as the audience disbersed for informal discussion along with lunch.
