In order to study the concept of alternate banking system
popularly known world over as the Islamic Banking System and
explore its prospects in India, a Malegaon based NGO has organized
a seminar in the city on Sunday.
"Malegaon has a huge majority of
Muslims who do not do business with the interest-based banks. Sine
last few years the city is working on the possibility of an
interest free banking system in Malegaon. With this motive we are
organising a seminar tomorrow", the organisers Salim Farani and
Ziaur Rahman Zariwala said in a joint statement.
"The seminar which will be addressed
by Dr. Shariq Nisar will be held Sunday afternoon at Zaini Basheer
Hall, Malegaon High School & Jr College", they said.
Currently a fulltime Director of
Research and Operations of India’s premier shariah advisory firm
TASIS, Dr Shariq Nisar is a PhD in Economics specializing in
Islamic Finance from AMU, Aligarh.
Among the senior most professionals
of Islamic Finance in India, Dr Shariq Nisar is closely associated
with both the academia as well as industry in the country.
He has pioneered shariah screening
of stocks in India and has been associated with some of the
landmark shariah compliant products in the country.
As a Visiting Faculty Dr Shariq
Nisar teaches Islamic Finance at AMU, Aligarh, BSAR University
Chennai, and Al Jamiya Al Islamiya, Kerala. He has also structured
Islamic finance courses for various universities and colleges and
has been invited to speak on Islamic banking, finance, capital
market and microfinance in various countries including USA,
Malaysia, Indonesia, Sri Lanka, Bangladesh, Iran and UAE etc.
The Malegaon seminar is significant
in the sense that the city has 80% of its population as Muslims
who don't want to deal with existing banks. Because of their
reluctance in involving with interest-based system, the Malegaonians
could not get any benefit from the government schemes which in
most cases are linked with banks.
The Muslims consider paying or
receiving interest strictly prohibited.