The department of commerce and business studies played host to a national conference titled, “Islamic Finance: Prospects and Challenges” in an effort to propagate the relevance and need for Islamic banking principles in the present day economic scenario and showcase opportunities for international Islamic Banks in India.
The conference was held at the Dayar-e-Mir Taqi Mir building on Tuesday, March 8, 2011.
Mr. M.Y. Khan, former Economic Advisor, SEBI and Dr. Ausaf Ahmad, former position head, Islamic Development Bank, Jeddah, Saudi Arabia, were among the board of distinguished guests from the banking and financial fraternity.
The session began with the recitation of verses of the Holy Qur’an followed by a welcome speech by Professor Shahid Ashraf, head, department of commerce and business studies, and the inaugural address was delivered by Mr. Khan.
The day long programme was scheduled into four sessions including two technical sessions and the inaugural and valedictory one.
Mr. Mirza Beg, chairman, Jamia Co-operative Bank and Mr. Anjani Sinha, Managing Director, National Spot Exchange Ltd. were appointed as the chairperson for the technical sessions respectively.
The comprehensive aspect on Shari’ah and Fiqh rulings governing Islamic commercial contracts, operational issues and the needs for prudent and ethical auditing standard were among the points of discussion.
In addition, emphasis was laid on the legal hurdles and possibilities to update the prevailing law and other regulating policies in India on the perspective.
The whole assembly was coordinated by the volunteers from the department. A drama staged by the students at the end concluded the event.
Scenes From the Event