A pathbreaking book on Islamic Finance, “Islamic Capital Market Finance”, written by Dr. Abul Hassan, Associate Professor at King Fahd University of Petroleum and Minerals (Saudi Arabia) was released by Professor Javed Ahmed Khan, Chairman Indian Centre of Islamic Finance, New Delhi and former Chairman, Department of West Asian Studies, Jamia Millia Islamia at JIH headquarters on January 13. The book was published by The Board of Islamic Publications, New Delhi.
Professor Javed Ahmed Khan, after releasing the book, said, “The subject of Islamic finance has emerged in the last half century and in this regard the contribution of Professor Muhammad Nejatullah Siddiqui has been instrumental. The importance of this book is that it summarises the debates on Islamic financethat have arisen in the last half century. The book can enlighten the students as it is designed keeping in mind the requirements of the curriculum of Islamic Finance.
The author of the book, Dr. Abul Hassan, originally from West Bengal, was posted in the Andamans as a civil servant, but left government job to pursue higher education and research in Islamic Finance. When he met Syed Abul Hasan Ali Nadvi, the latter suggested to him a meeting with Professor Nejatullah Siddiqui and also wrote a letter to him. When he travelled to Aligarh, he met Dr. Fazlur Rahman Faridi, Dr. Abdul Azim Islahi and other experts in Islamic economics. These days, the subject of Islamic Finance is being taught and researched in 12 universities of Great Britain.
Speaking on the occasion, the author who did his PhD on Equity Finance from Durham Business School UK, said, “Islamic Finance became popular in the entire world for basically three reasons: One is because it is alternative finance. Secondly, it is financial inclusion. Islamic Finance is contributing greatly to the concept of sustainable development goals of the United Nations (Islamic Social Finance). Thirdly, it brings financial stability during financial crisis.
Dr. Waquar Anwar, Finance Advisor of JIH, informed the gathering that he has planned to write a book with Dr. Abul Hassan on “Encourage Equity Discourage Debt.”
The launch ceremony was held under the chairmanship of Mr. Muhammad Ahmed, Secretary, Department of Domestic Affairs, Jamaat-e-Islami Hind. Earlier, Mr. Muhammad Sikandar, Assistant Finance Department, Jamaat-e-Islami Hind, while introducing the contents of the book, said that this is the first book in Islamic Finance which has highlighted the practical aspects of Islamic Finance.