Jamia Journal Independent Student-run News Website of Jamia Millia Islamia (a Central University)
The department of commerce and business studies played host to a national conference titled, “Islamic Finance: Prospects and Challenges” in an effort to propagate the relevance and need for Islamic banking principles in the present day economic scenario and showcase opportunities for international Islamic Banks in India.
The conference was held at the Dayar-e-Mir Taqi Mir building on Tuesday, March 8, 2011.
Mr. M.Y. Khan, former Economic Advisor, SEBI and Dr. Ausaf Ahmad, former position head, Islamic Development Bank, Jeddah, Saudi Arabia, were among the board of distinguished guests from the banking and financial fraternity.
The session began with the recitation of verses of the Holy Qur’an followed by a welcome speech by Professor Shahid Ashraf, head, department of commerce and business studies, and the inaugural address was delivered by Mr. Khan.
The day long programme was scheduled into four sessions including two technical sessions and the inaugural and valedictory one.
Mr. Mirza Beg, chairman, Jamia Co-operative Bank and Mr. Anjani Sinha, Managing Director, National Spot Exchange Ltd. were appointed as the chairperson for the technical sessions respectively.
The comprehensive aspect on Shari’ah and Fiqh rulings governing Islamic commercial contracts, operational issues and the needs for prudent and ethical auditing standard were among the points of discussion.
In addition, emphasis was laid on the legal hurdles and possibilities to update the prevailing law and other regulating policies in India on the perspective.
The whole assembly was coordinated by the volunteers from the department. A drama staged by the students at the end concluded the event.
Scenes From the Event
It was a nice experiance as for the first time my dept had organised this type of long conference. I hope it will not be last one.
In today’s time investment banking is thing where a fresher can touch the sky and if one enter into the field of Investment banking sky is the limit. So in near future if the dept oganises any conference on investment banking than it will be more than welcome. As we have to show the freshers the avenues where sky is the limit.
Its good to know that institutions like JMI are doing thier bit for the cause of alternative financial models like Islamic Finance. The need of the hour clearly is to engage public opinion in this debate & to spread awareness about this. While it’s true that this model of finance has its roots in the Islamic traditions of equity & justice, the debate needs to be conducted purely on the basis of its economic merits.
May I also take this opportunity to comment on Jamia Journal & the author. It is always heartening to know that there are young poeple like Behzad who are willing to pick up the pen & engage public opinion in the cause of the greater good of society. This was the spirit that lead to fondation of JMI. It is commendable that JMI is keeping that spirit alive through initiatives like Jamia journal…keep it up, Behzad! & keep it up Jamia!!