Malegaon: In order to study the concept of alternate banking system popularly known world over as the Islamic Banking System and explore its prospects in India, a Malegaon based NGO has organized a seminar in the city on Sunday.

"Malegaon has a huge majority of Muslims who do not do business with the interest-based banks. Sine last few years the city is working on the possibility of an interest free banking system in Malegaon. With this motive we are organising a seminar tomorrow", the organisers Salim Farani and Ziaur Rahman Zariwala said in a joint statement.

"The seminar which will be addressed by Dr. Shariq Nisar will be held Sunday afternoon at Zaini Basheer Hall, Malegaon High School & Jr College", they said.

Currently a fulltime Director of Research and Operations of India’s premier shariah advisory firm TASIS, Dr Shariq Nisar is a PhD in Economics specializing in Islamic Finance from AMU, Aligarh.

Among the senior most professionals of Islamic Finance in India, Dr Shariq Nisar is closely associated with both the academia as well as industry in the country.

He has pioneered shariah screening of stocks in India and has been associated with some of the landmark shariah compliant products in the country.

As a Visiting Faculty Dr Shariq Nisar teaches Islamic Finance at AMU, Aligarh, BSAR University Chennai, and Al Jamiya Al Islamiya, Kerala. He has also structured Islamic finance courses for various universities and colleges and has been invited to speak on Islamic banking, finance, capital market and microfinance in various countries including USA, Malaysia, Indonesia, Sri Lanka, Bangladesh, Iran and UAE etc.

The Malegaon seminar is significant in the sense that the city has 80% of its population as Muslims who don't want to deal with existing banks. Because of their reluctance in involving with interest-based system, the Malegaonians could not get any benefit from the government schemes which in most cases are linked with banks.

The Muslims consider paying or receiving interest strictly prohibited.  

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