 Looking at its past, the present economic growth, and the future with the Manmohan Singh, the world renowned Economist, as its Prime Minister, India becomes the best contender for the Islamic Banking and Finance. Dr.Hussein Hamid Hassan, pioneer in Islamic Banking and financial products, opined in Mumbai. Speaking on the Consultation Meeting with the professional Bankers, conventional as well as Islamic, organised by the Islamic Banking Committe Jamaat-e-Islami, Hind, he explained that Islamic Banking is the most equitable form of financing since it enables the creation of wealth without fuelling Inflation or stroking a financial crisis. He also believed that introduction of Islamic Banking in India would attract billions of Dollars in to India.
Detailing about the Islamic banking and financial products like Murabahah and Mudarabah and converting a failed conventional bank in to booming Islamic Bank he shared his experiences of working with the Banks of Japan, Deutsche Bank and said, "Islamic Banking is not for the Muslims only it is a better alternative to the conventional banking and it is for the investment, development and financing." Differentiating Islamic banking form conventional one he explained, "On the Asset side Conventional banks have only one product that's loan with interest. Islamic Banking has unlimited product to suit every customer, every project, under any circumstances."
Professional bankers shared mix reaction. Pitambar Choudhry, Vice President and Head International Business Division, TATA Asset Management Limited and Arun Chatterjee, Vice President, Planning& budgeting, Indus Ind bank also attended and were keen to know about the Islamic Banking Products and their demands in India and world over. H.Abdur Raqeeb, Convenor Islamic Banking Committee, Jamaat-e-islami Hind said, " Most of the 150 million Muslims in India do not deposit their savings in the saving bank account and Fixed deposit because of the interest and Islamic Banking will boost up the Domestic Saving rate in India. It will also attract funds from the other communities and Petro Dollars as well." Renowned Islamic Bankers also share their experiences and the problems they faced while practicing Islamic Banking in India. Rashid Umer, Managing Director of Al Barka informed that since Islamic Banking is not permissible in India so his company is registered as the Non Banking Financial Company NBFC and described, "Given the current government policies and banking Act it is not possible to run the Islamic Banks in India." He and Imran Furniture wala, Chairman Memon co-Operative bank urged, "Policies has to be change and laws has to be amended for it."
M.H Khatkhate, founder, Baitun Nassar Co-Operative society, Mumbai , Abdul Hasib, Noorul Haq Siddiqui, Bazil Shaikh , former executives of Reserve Bank of India, K.M.Arif, actively contributed in the discussion specially the legal and practical difficulties regarding the Islamic Banking in India.
Mr. Qadar Supariwala, noted Exporter and Businessman showed his interest in Islamic Banking and accepted, "there is a lot of Barkah while doing interest free banking."
Mr.K.K.Ali , CEO, Alternative Investment and Credit Limited (AICL), explained about the success of his NBFC in Kerala. He added, " AICL has a turnover of nearly 10 crore. We are facing Problems from RBI with regard to receiving Deposits since it requires declaration of Interest in Advance."
Mr.Ghulam Akbar, Secretary (Finance), Jamaat-e-Islami, Hind, presented a Momento to Dr. Hussein Hamid Hassan and Dr.Rahmatullah, AICMEUS thanked everybody present there for their enlightening opinions and suggestions.
Besides publishing Books on Islamic Banking and Economics, Jamaat-e-Islami, Hind, has pursued the case of Establishing Islamic Banking in India in the late 70's during the Janata Party Government in the Centre when the Late Janab Zulfiqarullah was the Deputy Finance Minister also established chain of Interest Free Credit Societies which are more than 500 throughout the length and breadth of our country providing micro credit to the poor and the needy. H.Abdur Raqeeb, informed, "Encouraged with the promotion and Successful operation of Islamic Bank world over we have revived this struggle and kept International and national Seminars, submitted the papers on the need and importance of Islamic banking in India to the RBI, met with the Finance Minister informed the leading media about the issue.
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