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New Delhi: As part of the Silver
Jubilee celebrations of the New Delhi based Institute of Objective
Studies, (IOS), a two-day International Conference on "Prospects
for Islamic Venture Capital Funds in India" is being organized on
May 14 & 15 here at Parliament House Annexe.
The International Conference is being held jointly under the aegis
of IOS & Indo-Arab Economic Cooperation Forum. Mr. K. Rahman Khan,
Deputy Chairman, Rajya Sabha shall preside over the inaugural
session on May 14 which will commence at 10 am.
The inaugural address will be delivered by Mr. D. R. Mehta, former
Chairman, SEBI and Dy. Chairman, RBI, Jaipur. Mr. Farid Masood,
Director of Advisory Services Department, ICD, Jeddah, KSA, will
be the guest speaker. Dr. Mohammad Manzoor Alam, Chairman IOS,
will speak a few words on the occasion. Prof. Z.M. Khan, Secretary
General IOS, will throw light on the Introduction of IOS and its
Silver Jubilee year.
Dr. Ausaf Ahmad, Finance Secretary IOS, will
deliver the welcome address while Mr. Ravi Kishore, Secretary
General, Indo-Arab Economic Cooperation Forum, New Delhi will
propose vote of thanks. Meanwhile, four panel discussions will be
held during the two-day conference.
On the first day after the
lunch break two sessions of panel discussion will be held while
the third panel discussion on the second day morning.
The theme of
the first panel discussion from 2 pm to 4 pm is "Global Trends in
Venture Capital and Private Equity, (VCPE),". It will be chaired
by Prof. R. J. Masilamani, Professor, Institute of Management
Studies, Ghaziabad. The panelists shall be Dr. Ashok Haldia,
Director, PTC India Ltd., New Delhi; Dr. Ausaf Ahmad, former Head,
Special Assignment, IDB, Jeddah, & Finance Secretary, IOS; Prof.
Ali Shervani, Director, Miftah Advisor, New Delhi; and Mr. Ravi
Kishore, Secretary General, Indo-Arab Economic Cooperation Forum,
New Delhi.
The second panel discussion from 4.15 pm to 6.15 pm
will be on the theme "Venture Capital Funds in Islamic Perspective
(I)". It will be chaired by Dr. Ausaf Ahmad, Former Head, Special
Assignment, IDB, Jeddah, & Finance Secretary, IOS. The panelists
will be Mr. Farid Masood, Director of Advisory Services
Department, ICD, Jeddah, KSA; Dr. Javed A. Khan, Associate
Professor, Centre for West Asian Studies, Jamia Millia Islamia,
New Delhi; Mr. M. H. Khatkhatay, Founder, TASIS, Mumbai; and Mr.
Arshad Ajmal, CEO, Sahulat Microfinance Society, Patna.
The third
and fourth panel discussion will be held on May 15. The theme of
third panel discussion from 9.30 am to 11 am is "Venture Capital
Funds in Islamic Perspective (II)". T shall be chaired by Prof.
(Dr.) Vinaysheel Gautam, Founding Director IIM (K;) Prof. & First
head, Management Studies IIT (D), New Delhi. The panelists will be
Dr. Rudy Yaksick, Partner, Concord Capital Partners LLC, USA; Mr.
Imtaiyaz-ur-Rahman, President and Chief Financial Officer, UTI
Asset Management Co. Pvt. Ltd., Mumbai; Mr. Nabil El-Alami,
Corporate Marketing & Communication Manager, ICD, Jeddah, KSA; and
Mr. H. Abdur Raqeeb, Convenor, National Committee on Islamic
Banking, Chennai.
While the fourth panel discussion from 11.15 am
to 1:00 pm will be on the theme of "Prospects for Islamic Venture
Capital Funds in India". Mr. Imtiayaz-ur-Rahman, President and
Chief Financial Officer, UTI Asset Management Co. Pvt. Ltd.,
Mumbai, will chair the discussion. The panelists are Dr. Tahir Beg,
Chairman, Institute of Islamic Economics & Development Studies,
Bareilly; Dr. Shariq Nisar, Director (Research and Operations),
TASIS, Bangalore; Dr. Ahmaruddin, Professor, Dept. of Business
Administration, AIET, Lucknow; and Dr. A. Mohammed Ajmal,
Wealthcity, Chennai.
The valedictory session from 1 pm to 2 pm
will be chaired by Dr. M. Manzoor Alam, Chairman IOS. Mr. G.
Ramaswamy, President, Institute of Chartered Accountants of India,
(ICAI), New Delhi will deliver valedictory address. Prof. Naushad
Ali Azad, former Dean, Faculty of Social Sciences, Jamia Millia
Islamia, New Delhi, will read the resolutions passed on the
occasion. Dr. Tahir Beg, convener of the conference, will propose
vote of thanks.
It may be mentioned here that the opening
conference of the Silver Jubilee celebrations of IOS was held here
with a three-day international conference on “Towards Knowledge,
Development and Peace – Outlining Roadmaps for the Future” from
April 15 to April 17 at India Islamic Cultural Centre here in New
Delhi. A number of renowned scholars from within the country and
abroad besides prominent government officials and ministers of
India participated in the conference.
It may be pointed out here that Venture capital is a type of
private equity capital typically provided for early-stage, high
potential, growth companies in the interest of generating a return
through an eventual realization event such as an IPO or trade sale
of the company. Venture capital investments are generally made as
cash in exchange for shares in the invested company. It is typical
for venture capital investors to identify and back companies in
high technology industries such as biotechnology and ICT
(information and communication technology).
The fast and unhindered growth of economic disparities, regular
occurrence of banking and financial crises, and stock market
crashes, the world over, testify to the fact that the
interest-based paradigm of banking and finance has grossly failed
to ensure sustainable and inclusive economic growth. On the other
hand the participatory finance paradigm based on profit-loss
sharing principle does ensure a justly inclusive economic growth.
The Islamic objective of ensuring for every citizen the “right of
doing business fairly and fearlessly” is a humanist goal and
deserves to be taken up as central thrust in the strategy of
inclusive economic development with social justice.
The realm of Islamic venture capital remained ignored by the
Islamic Banking sector for quite long, largely because an
'entrepreneur class and ecology' which is essential for the
development of a healthy venture capital environment was lacking.
Most of the Islamic countries could not produce an adequate
population of young, bright people with great business ideas and a
determination to make a success of 'their' business. They also
failed in generating a vibrant
educational-technological-industrial environment.
It is therefore
only recently that in some Islamic countries and other countries
with sizable Muslim minorities a few Islamic Venture Capital Funds
have been founded. As the Middle East economies underwent
significant economic-industrial transformation, and a large number
of local students with professional education came forward for
joining markets and economies of the region, the ecology needed
for venture capital funding also developed considerably. Hence a
number of VCFs have emerged in recent years in many Arab
countries.
Malaysia, in keeping with her role as world leader in Islamic
banking and finance has been organising Islamic Venture Capital &
Private Equity Conferences regularly since 2008, and has framed
comprehensive guidelines for the development of Venture Capital
Funding sector. Moreover Ministry of Finance of the government of
Malaysia has established Malaysia Venture Capital Management that
launched the first Islamic Musharakah Fund attracting
participation from local and regional investors.
Musharaka Private Equity Solutions Sdn. Bhd is the nation's first
Islamic venture capital fund. The Government of Malaysia is
encouraging Islamic venture Capital firms to establish bases in
the country so that it can become a regional hub of IVCFs.
India got its first venture capital fund only in 1997. Since then
each year a few new funds were added, then there has been a boom
in the VCF sector. By the end of the year 2009, the total number
of Private Equity Funds and Venture Capital Funds stood at the
staggering figure of 137. Out of this, 69 are located alone in
Mumbai. 18 are located in Bangalore and 10 in Hyderabad. Delhi has
9. Kolkata and Ahmadabad each having 7, while Chennai is home to
VC funds.
VCPE investments in India witnessed a phenomenal growth both in
terms of amount invested from $1.8 billion in 2004 to $22 billion
in 2007 before tapering off to $8.1 billion in 2008 as well as the
number of deals from 80 in 2004 to 481 in 2007 and then slowing
down to 297 in 2008.
(pervezbari@eth.net)
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