Radiance Viewsweekly is going through a phase of development. A readership survey is under process. A questionnaire has been prepared and distributed through post and email, besides through personal contacts. It was decided that, in order to broaden the base of responses, programmes under the banner of Radiance Viewsweekly be organised in different cities across the country and interact with current and prospective readers. A lecture series on the topic “Alternative Interest-Free Economy in Indian Context” was organised in Patna, Gaya, Kolkata, Ahmedabad and Hyderabad wherein Dr. Waquar Anwar, Secretary the Board of Islamic Publications, and Khalid Nadeem, Coordinator Radiance Development Project, participated. Keynote address on the subject was given by Dr. Anwar followed by interventions and open sessions for questions and answers.
Khalid Nadeem, while describing the history, achievements and glorious distinctions of Radiance Viewsweekly, introduced the Development Project in hand and urged participants to fill in the survey form that was made available on the occasions. He said that in continuation of past achievements it was thought proper to reach out to the current and prospective readers to understand the type of changes that should be incorporated so that the periodical may become more relevant and useful. The magazine commenced its publication more than half a century ago and it has been serving the objects of its publication without break. However, its audience has changed, much water has flown within and the need, taste and requirements of the readers, particularly of the new generation today, have witnessed a sea change. The idea behind the development project is to take stock of the changing requirements so as to serve better the objects of the publication.
Dr. Waquar Anwar, in his keynote addresses, described with facts and figures how contemporary economic system based on interest and excessive speculations has eroded the base of economy, leading to a stage where non-real financial economy has gone up to twenty times of the real economy. The resulting deficit financing at national level and Non-Performing Assets at business level have brought the economy to a precarious condition. He further opined that India has the ability to take bold decisions as was evidenced in early nineties when she discarded the old system of economy and adopted to the then world realities. India should further be bold enough to keep at bay the interest-based economy which has failed and opt for interest-free economy.
Dr. Anwar pondered over three features of an alternative interest-free economy, as under:
- Every economic activity should be with specific authority and responsibility;
- Resources should be in circulation permeating to all levels and layers of economy; and
- Equity should be encouraged, dissuading debt to the maximum possible extent.
He concluded his presentations by urging that an iterative and step by step action plan for changeover from the present system is required. Society needs evolution and not revolution.
The highlight of the programme in Patna was that the keynote address was followed by lively interventions by more than a dozen informed and concerned speakers, including bankers and social activists. The programme at Gaya was of introductory nature where underlying principles of interest-free economy were discussed. Practitioners of two interest-free microfinance cooperative societies were present who shared their experiences.
The lecture in Kolkata was well attended. Participants included several CAs, CMAs and MBAs. The keynote address was followed by an intervention by a top banker and questions and answers sessions. Another notable feature was that a good number of females were available and they also participated in the deliberation in the open session.
The deliberation in Ahmedabad was marked by the presence of finance and accounts faculty from colleges besides a retired senior officer from Reserve Bank of India. Further, research scholars who are perusing their work in the area of Islamic Finance and Banking were also available and their informed queries and concerns were valuable. Similarly, a prominent social activist introduced the subject before the keynote address in Hyderabad and it was also presided over by a retired Professor of Economics. The audience included finance professionals from stock market.