Hussein Madavoor, center, addressing the press conference in
(Arab News photo)
Islamic finance gives universities a bonus:
With global finance on
its knees, this summer's business graduates face an even trickier
jobs market than most. But there is one area of banking still
Is your city web savvy?
Kerala to set up Islamic bank shortly
Malegaon: Kerala is hosting an
international conference on Islamic finance and interest-free
banking next motn at Calicut. Perhaps the first of its kind on the
subject in India, this global conference will be supported by the
Jeddah-based Islamic Development Bank (IDB) and Kerala State
Industrial Development Corporation (KSIDC).
According to a
report published in Jeddah based Arab News, the two
will be held at Farook College in Calicut on October
3rd & 4th and will be organized by the post-graduate department of Rouzathul Uloom Arabic
expect the conference to be historic and timely as it comes at a
time when financial experts and investors are seeking effective
solutions to the global crisis", Arab News writes quoting Hussein Madavoor,
principal of RUAC as saying.
delegates from India and abroad are expected to take part in the
two-day conference. “We have also invited IDB President Ahmed
Muhammad Ali for the conference” Madavoor told a press conference at
Al-Noor Medical Center in Sharafiya in Jeddah, Saudi Arabia.
Apart from finance
ministers, bankers and economists, commerce department students and
teachers will also be invited to the conference, says the report.
highlighting the significance of the conference, Madavoor, who is a
graduate of Umm Al-Qura University in Makkah and also a member of
Kerala State Wakf Board said, "The conference will help
understanding the concept as most people in India and elsewhere in
the world are still unaware of the features and benefits of Islamic
banking and finance."
“An American team
of experts, which recently visited Riyadh to study prospects of
Islamic finance, reached the conclusion that it is the right
alternative to contain global financial crisis,” said Madavoor.
Committee, appointed by Indian Prime Minister Manmohan Singh,
recommended the introduction of interest-free finance and advised
the government to take measures for the delivery of the service on a
large-scale, including through the banking system.
Madavoor said the
conference would urge the Indian government to license institutions
to provide Islamic banking and finance services and open degree
courses in the subject. Such courses will create more job
opportunities for Indians in the Gulf countries, he added.