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Mangalore: Islamic Banking System is Remedy for Recession - Kamal Farooqui

  •   Tue, Mar 24 2009 05:57:46 PM

Pics: Prajwal Ukkuda
Daijiworld Media Network - Mangalore (TU/CN)
 
Mangalore, Mar 24: Kamal Farooqui, chairman, Minority Commission, New Delhi, said on Tuesday March 24 that Islamic banking is an alternative to the existing economic system, which has collapsed.
 
He was delivering a lecture after inaugurating the national conference on ‘Economic Crisis and Recent Trends in Management’, organized by the PG Department of Business Administration of PA College of Engineering at EDUSAT Hall.

“The interest and speculation factors led to doom in the finance system. In Islamic banking system, investments are safe and people make reasonable profits. We have to try to find out the basics of business management”, he claimed.

“Though, the entire world is being affected by the economic crisis, India is out of danger due to the prevailing conservative society. Saving is our strength”, Farooqui added. Saying that opportunities are tremendous, he asked the students to be their own masters instead of being employed by others.
 
He also pointed out that a lot of opportunities await in the knowledge industry. Farooqui stressed that students should extend their area of work to rural India where 74 per cent of the total population resides.
 
P A Ibrahim, chairman, PA Educational Trust, opined that an unprincipled leveraging had caused the financial management to collapse. “No one in Europe and United States dared to announce that their capital will never be lost. But in India it was assured by the prime minister himself”, he said.
 
Saying that share market speculation will lead to disaster, he claimed that globalization should also be taken into consideration as far as crisis is concerned and added that limited globalization will help safeguard the resources.

Ibrahim also said that every major bank in India should have a division of Islamic banking system which with a $400 million portfolio is highly successful.
 
Dr T Mallikarjunappa also spoke on the occasion. Dr Dasthagir Alam, chairman, board of studies, Vishweshwaraiah Technical University, conference conveners Dr Iqbal, Prof Beeran Moindin B M, principal Dr S A Khan, Tapshir, director, and Dr Abdul Rahman were present.
 
A total of 52 papers were presented in the conference by various scholars.

  

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Comment on this article

  • hidayat khan, delhi

    Fri, Apr 29 2011


    I think it is right time for this becouse we are strong this time from education and money

    DisAgree Agree [1] Reply Report Abuse

  • Abdulla Madumoole, Abu Dhabi

    Wed, Mar 25 2009

    First of all, I appreciate PA College for organizing such an event. I agree with Mr.Kamal Farooqi that Islamic banking is an alternative to the existing economic system but not the Islamic banking system what we are seeing around us today. Most of the Islamic banking products today are just the same old wine in a new colorful bottle. We should understand that just by changing the bottle, the stuff inside doesn't become pure or halal. If any one says that Islamic banking system has sustained the present economic turmoil, please look at the spate of Islamic banks in UAE, all are near to collapse. It is not the collapse of Islamic banking system, rather it is collapse of a system which tries to convince people that it is Islamic whereas, in fact, it is not Islamic banking at all. Islam has prohibited interest ( according to me it is not just interest, it is “Riba” which has much wider meaning than just interest) but the tragedy is Islamic scholars are defining the banking products whether they are prohibited or not based on the package without bothering much on the content itself. Whether we call interest or profit, it doesn’t matter , the important consideration should be how much the customer is paying for the finance he is getting from banks. My point is when Mr. Kamal Farooqi suggests that Islamic banking is an alternative, it should be noted that there is no true Islamic banking system in the world today. Also, I don’t understand how Mr.Farooqi can claim that any investment in any product is safe today.

    DisAgree Agree [1] Reply Report Abuse


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