‘Well prepared HR, knowledge base must for Islamic banking’

KU holds extension lecture on Shariah compliant investments, businesses

AUQIB SALAM
Srinagar, Publish Date: Nov 20 2018 1:14AM | Updated Date: Nov 20 2018 1:14AM
‘Well prepared HR, knowledge base must for Islamic banking’File Photo

To make Islamic banking and finances thrive in the country, creation of a knowledge base and a well prepared human resource is the prerequisite, experts said on Monday.     

“To exploit the Islamic banking and finance market, which is expanding throughout world and has also huge scope within country, the need of exposing young generation about Shariah compliant ethical businesses is need of the hour,” said Shariq Nisar, a renowned scholar of Islamic banking and finance in South Asia.

Shariq, a former Harvard visiting fellow and professor of Rizvi Institute of Management and Research Studies Mumbai, was speaking at an extension lecture on ‘Shariah Compliant in Capital Market and Islamic Banking and Finance’ at University of Kashmir on Monday. 

The lecture was organised by KU’s Department of Commerce in collaboration with Sharekhan, one of the largest capital market brokerage firms of the country. Later on Shariq heled a workshop on Islamic Banking and Finance with the scholar of commerce, economics and management studies of the university. 

“In order to have a hold on Islamic banking, we have to create a knowledge base which can be used later to exploit the sizable Shariah compliant business. Unless we have a well prepared human resource, we cannot thrive in this sector like majority of Muslim and non Muslim countries are doing,” said Nisar.

Nisar gave an insight on Islamic finances through the purification of conventional banking so that a large section of Muslims who abstain from capital investment market can be included through Islamic banking.

He  also talked on methodologies of purification of banking, insurance and capital market so that there will be a healthy flow of investment from Muslim population who otherwise keeps from such investments citing interest based investment which Islam disallows .

Stress was also given on the Indian Islamic finance and its strengths and opportunities. He also dwelled upon the reasons due to which capital market has failed to attract Muslim money and seek to pave the way of a Shariah compliant system that will allow Muslims to invest.

He also dwelled upon Shariah screening methodologies that are adopted in most of the Muslim countries like Saudi Arabia, Qatar, Malaysia, Pakistan and others.

The event was followed by a question answer session. 

“The purpose of the workshop is to make sure that Kashmir University takes a lead in creating a knowledge base for Islamic banking which can kick off Islamic banking in the state and in the whole country in coming time,” said convenor of the programme, Prof Mohammad Shafi of Commerce Department. 

Irshad Mushtaq, founder of MI Securities and Srinagar partner of the Sharekhan, held an interactive session with the students and scholars about the investment in Shariah compliant mutual funds and ethical businesses.

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