Abdur Raqueeb, General Secretary of Indian Centre for Islamic Finance (ICIF), while highlighting the role played by the ICIF in introducing the concept of Islamic Finance and Banking, informed the gathering about how the Centre reached out to all who’s who in the field of Finance in India and abroad and presented its viability and importance and how lucrative it could mean for India if the country is ready to embrace it the way other countries have done.
While speaking at the CBCS Students Lecture programme in order to educate and make them aware of the historical advancement of Islamic Finance in India and abroad and the challenges ahead, he said a lot has been achieved but still there is a long way to go by overcoming many hurdles in way and this is the challenge before you and all of us. He emphasised the need to explain that it is not only for Muslims but has the potential to become an alternate system which has been duly praised by many international leaders and financial experts in the entire world.
While presenting his PPT from slide to slide, he tried to simplify his struggle in establishing Islamic Banking in India and he has left no stone unturned to achieve it. According to him, on many occasions it was believed that the concept of Islamic Banking and Finance is to become a reality in India but unfortunately it was opposed for one reason or the other without any solid arguments but mainly on age old prejudices. Raqueeb stressed that Islamic Finance has the potential to ensure financial inclusiveness in India.
Abdur Raqueeb, while speaking on “Islamic Banking and Finance in India – Past, Present and Future,” at Seminar Library Hall of ICIF on 19 September said after continuous and relentless efforts this concept has reached all concerned but still someone has to break the ice in order to pave the way for the establishment of Islamic Banking and Finance in India. The sooner it is done the better it would be for the economic health of India.
Dr Javed Ahmed Khan, Chairman of ICIF, while presiding over the function, asked the students to use the library and to do some quality research work in this filed. He also encouraged the students to do some pioneer research in this filed in order to explore and add quality to the existing available research material and studies done so far. He asked them to come out with new concept in order to present before others in a more convincing manner.
Jazeel Abdul Wahid, Manager Operations at ICIF, conducted the programme and vote of thanks was extended by Mr Rafeek Ahmed, CEO (Hony) of Sahulat Microfinance and Trustee of ICIF.