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Bhopal:
A three-day International Conference on "Interest-free
Institutional Mechanism (Banking, Finance and Insurance) for
Promoting Investment" is being organized from June 3 to 5 at
University of Kashmir in Srinagar.
The International Conference is being held under the joint aegis
of New Delhi based Institute of Objective Studies, (IOS), and the
Department of Business and Financial Studies, University of
Kashmir, Srinagar.
On the opening day on June 3, the inaugural session will be held
from 4.30 p.m. to 7 p.m. wherein Mr. K. Rahman Khan, Deputy
Chairman, Rajya Sabha, will deliver the inaugural address. Dr.
Ausaf Ahmad, former Head, Special Assignment, Islamic Development
Bank, (IDB), Jeddah, shall give the Keynote address. While the
special address on the occasion will be delivered by Dr. Mohammad
Manzoor Alam, Chairman of IOS. The introductory remarks about the
IOS shall be given by Prof. Z. M. Khan, secretary general of the
IOS.
After the inaugural session total six technical sessions shall be
held of which four on June 4 and two on June 5. The first
technical session on June 4 from 9 am to 11 am will be on the
theme “Philosophical Foundations and World View of Islamics and
Finance”. The session will be chaired by Mr. K. Rahman Khan,
Deputy Chairman, Rajya Sabha. The second Technical Session of the
day will be from 11.00 a.m. to 1.00 p.m. on the theme “Developing
An Interest Free Economy: Legal and Regulatory Challenges”. Among
the speakers will be Prof. M. Afzal Wani, Professor of Law, Guru
Gobind Singh Indraprastha University, New Delhi.
The third Technical Session will be from 2.00 p.m. to 4.00 p.m. on
the theme “Interest-Free Financing in India: Evolving an
Appropriate Framework”. It will be chaired by Mr. R. K. Dubey,
Executive Director, Central Bank of India, Mumbai. Among the
speakers in the session will be Dr. Tahir Beg, chairman, Institute
of Islamic Economics & Development Studies, Bareilly. While the
fourth Technical Session from 4.00 p.m. to 6.00 p.m. on the theme
“Risk Management and Islamic Finance”. Among the speakers shall be
Mr. R. K. Dubey, Executive Director, Central Bank of India,
Mumbai.
While on concluding of the conference on June 5 fifth Technical
Session will be from 9.00 a.m. to 11.00 a.m. on the theme
“Interest Free Non-banking Financial Institutions and Their
Regulation”. The sixth and last Technical Session shall be 11.00
a.m. to 1.00 p.m. on the theme “Developing an Institutional
Structure for Islamic Financial Markets”.
After the lunch recess the Valedictory Session will be held from
2.00 p.m. to 4.00 p.m. It would be chaired Dr. Mohammad Manzoor
Alam, chairman, IOS. The resolutions would be read out by Dr.
Abdur Rashid, Economics Department or Prof. Hamid Naseem Rafiabadi,
Islamic Studies Department
for the house to debate and adopt.
Meanwhile, it may be stated here that Interest based conventional
market mechanism is being widely criticized for promoting
speculationary tendencies believed to have brought strife and
suffering in many mature economies of the world. Moreover, this
system is being criticized to have failed
to ensure equitable distribution of wealth and social welfare
leading to an alarmingly widening gap between the rich and the
poor. The recent financial crisis caused by sub-prime lending in
the United States which finally triggered the global economic
meltdown has forced the economists and financial experts to
rethink about the veracity of the existing financial system. There
are many who believe that the existing financial system provides a
scope for manipulation, exploitation and above all has failed to
result in inclusive growth.
Given this scenario, the critics of the existing financial system
have started showing eagerness and inclination towards the Islamic
or Shari’ah based Financial System as a viable alternative to the
new global financial order. The Interest Free Finance & Banking as
a basic contour of the Islamic Financial System focuses on
transparency, cooperative ventures, shared risk and ethical
investing having a strong potential to attract Muslim and
Non-Muslim investors alike. India is a fast growing economy in the
world. Its adoption of Interest Free Banking system would offer a
great opportunity to attract substantial investments from counties
in the West Asian Region. To facilitate this, there is need for
revamping the present regulatory framework to make it more
flexible and suitable for creating a scope for having interest
free banking and financial system in the country.
This conference is expected to have distinguished scholars on the
subject area both from India and abroad and is aimed at achieving
the following objectives: To discuss and share the research
experiences about the various aspects of Islamic Financial System;
To discuss and deliberate upon the co-existence of Islamic & the
Existing Institutional Financial System; To discuss the
operationalization of the Interest-Free Institutional Financial
Mechanism; and To highlight the legal and operational problems
expected to be encountered by the interest-free financial system
in the country.
(pervezbari@eth.net)
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