Govt. urged to allow financial bodies to adopt Islamic practices

New Delhi: The International conference on “Prospects for Islamic Venture Capital Funds in India” concluded here on Sunday with an appeal to the Government of India to take necessary steps to allow various financial institutions to adopt Islamic products and practices so as to lay foundations of a level playing field in economics and finance in which all players may take part in a fair and just manner.

The two-day International conference was jointly organized by the Institute of Objective Studies, (IOS), New Delhi and Indo-Arab Economic Cooperation Forum, in Parliament House Annexe on May 14 & 15 May. Dr. Rudy Yaksick, Partner, Concord Capital Partners LLC, from USA and Khaled M. Al-Aboodi, CEO & General Manager of Islamic Corporation for the Development of the Private Sector (ICD), Jeddah; Mr. Nabil El-Alami, Corporate Marketing & Communication Manager, ICD, Jeddah, KSA were among the foreign participants in the conference.

The above appeal was part of the nine-point resolution which was adopted by voice vote at the valedictory function of the conference. The function was chaired by Dr. Mohammad Manzoor Alam, Chairman IOS while the valedictory address was delivered by Mr. G. Ramaswamy, President Institute of Chartered Accountants of India, (ICAI), New Delhi. Prof. Naushad Ali Azad, former Dean of Social Sciences, Jamia Millia Islamia, New Delhi read out the resolutions. During the two-day deliberations, a number of Islamic financial experts and academics from India and abroad highlighted the finer points of the Islamic system and its utility and viability. Dr. Tahir Beg, convener of the conference, proposed vote of thanks.
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