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Malegaon:
Taking advantage of the situation arising out of the economic crisis in Eurozone and countries
like United States, India should adopt the Islamic Finance System
to pump-in investments from the
Middle East. This
interest-free and more inclusive system will in turn speed-up the
financial inclusion of the Indian Muslims, an expert in Islamic
Finance said in Malegaon Sunday.
"The Global Economic Crisis in the West is forcing investors
to search for secure places of investment. Creating a situation
which is suitable for such investors especially those from the Middle
East can pump in huge investment in the country. Introduce the
interest-free alternate financial system here and see how the
funds start flowing from the oil-rich countries to India", Dr. Shariq Nisar said while speaking to ummid.com.
Dr Shariq Nisar, Director of Research and Operations of India’s
premier shariah advisory firm TASIS and one of the senior most
professionals of Islamic Finance in India, was in Malegaon on
Sunday to address a seminar on "Prospects of Islamic Finance in
India".
"China and the Middle East are the two areas in the world where
surplus funds more than their requirements are generated. China
will never like to invest in India for the obvious reasons. We do
not have such problems with the Arab World. We can attract the
investors from there by introducing the Islamic Finance in our
country", he said while pointing at the requirements in the
country of reliable and committed investors in stock market, and
banking and insurance sectors.
"And why not, the system is running successfully in more than 75
countries. It has also earned these countries rich dividends. Then
why are we reluctant in taking a decision?", he asked while
listing the countries like United States, United Kingdom, France
and others besides the Muslim countries where Islamic Banking
System is successfully running.
“Almost all the top multinational banks including Standard
Chartered Bank, HSBC, DBS, Barclay and others either have their
full-fledged Islamic banks or have special windows in their
branches - some located in the areas where Muslim population is
negligible”, he said adding, "Singapore has in fact taken the lead
to introduce the system in the Asian sub continent by opening The
Islamic Bank of Asia”.
Linking the Islamic Finance with the empowerment of the Indian
Muslims, he said, "The much sought after Muslim empowerment and
their financial inclusion can also be achieved by bringing in the
system here. For, a vast majority of the community keeps away from
the existing banks merely because they are based on interest."
"The Islamic finance will not only provide them an opportunity of
getting financial assistance, it will also streamline the amount
of funds lying with the Muslims that otherwise don’t flow in the
existing system”, he said while giving the example of Kerala where
efforts are on to utilize in a suitable way an estimated 14000
crore rupees belonging to the Non Resident Indians (NRIs) mostly
of the Gulf.
Interestingly, at the time when Dr
Shariq Nisar was discussing with ummid.com in Malegaon about the
investment opportunities in India from the Middle East, thousands
of kms away Chinese Premier Wen Jiabao on an official visit to
Saudi Arabia was signing agreements related to trade and
investments with Saudi crown prince Nayef bin Abdulaziz Al Saud.
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