Doha: Islamic Research and Training Institute (IRTI), a unit of Islamic Development Bank, Jeddah,, and Al Jamia Al Islamiya, India – the country’s first University to offer full time courses in Islamic Economics, Banking and Finance, plans to organise an international seminar on Islamic Finance from October 4-6 at Kochi, India. The seminar is themed ‘Products, Institutions & Regulations’.
The seminar will focus on implementation aspects of Islamic finance in India under current regulatory framework with reference to Islamic finance practices in similar countries abroad. India’s Minister of Finance Pranab Kumar Mukherjee has been invited to inaugurate the seminar at a public function in Kochi. The seminar focuses on implementation aspects of Islamic finance in India under existing regulatory framework. A detailed Call for Paper has been circulated internationally among experts in the field.
Dr Adbdussalam Ahmed, general convener of the seminar, said: “India has three key advantages when it comes to Islamic Finance. One, we are one of the world’s biggest emerging markets. Two, India has the second largest Muslim population in the word. Finally, the number of players looking for Shariah-compliant funds and investment opportunities is on the rise and they include Shariah-compliant FIIs and NRIs. The seminar will emerge as a platform for key industry players to showcase and assess the immense potential that the country has to offer.”
Dr Adbdussalam said that numerous studies show the pre-eminence of Islamic financial offering and the immense potential that the industry sees, despite the serious setbacks in the global economy. An examples is that the third edition of Ernst & Young’s World Takaful Report 2010: Managing performance in a recovery, unveiled at the 5th Annual World Takaful Conference of 2010, confirms that global Takaful industry is well on course to surpass $8.8bn in contributions in 2010. Contributions grew by 29 percent in 2008 to reach $5.3bn.
International delegates including professionals, practitioners, bankers, regulators, professional bodies, business houses, trade associations, chambers of commerce, foreign institutional investors, NRIs, scholars and social activists have confirmed their interest in being associated with the event.