The Reserved Bank of India plans to introduce Islamic financing in the country to help finance some sectors that can only borrow money that is free of interest. Islamic or Sharia financing is a finance system based on the principles of not charging interest, which is prohibited under Islam. In its annual report for 2015-16, the RBI explained that some sections of Indian society have remained financially excluded for religious reasons that preclude them from using banking products with an e...
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When first conceptualised in the 1950s and 1960s, it was envisioned that Islamic banks would take the form of a publically-owned social service, similar to that of education and health. Islamic banks would offer current accounts that would not earn interest and saving accounts that paid dividends on the basis of partnership.  The capital made available from the saving accounts is considered as investment, thus, would be used by businessmen through partnership agreements where profits a...
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RBI Committee on Medium term Path for Financial Inclusion headed by Shr. Deepak Mohanty has released its report and recommendations yesterday (28-12-2015) to increase financial inclusion in India.One of the major recommendations is permitting Interest Free Windows in existing conventional banks.The committee observed Commercial banks may be enabled to open specialized interest-free windows with simple products like demand deposits, agency and participation certificates on the liability s...
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ICIF GS visited Global Islamic Finance Development Centre, World Bank. ICIF General Secretary MR. H. Abdur Raqeeb visited GIFDC Head office at Istanbul on  3rd December. GIFDC is the World Bank’s knowledge hub and technical centre aimed to help the member countries take advantage of the rapid growth of financial assets that are compliant with Islamic laws. Mr. H. Abdur Raqeeb was received by Dr. Nihat Gumus, Financial Sector Specialist-GIFDC and had a fruitful meetin...
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The All India Members’ Convention of Jamaat-e-Islami Hind concluded on 14.12.2015 at Hyderabad was a great success. Around 9000 men and women from all over India participated in this convention. One of the centre of attraction of the convention was exhibition named ABSAR EXPO. Exhibition consisted stalls belonging to different organizations and institutions and was open to the public, so people not attending the conference also visited the expo. ICIF is also happy for getting a chance t...
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The Rajya Sabha Select Committee on the Insurance Bill 2008 has finally tabled its report in the Parliament.We are glad to inform that our representations has succeeded in drawing the attention of learned members and they have dedicated a paragraph on our submission to them. . Relevant portion of the report is copied here for your ready reference:  14.5.2 A representative of the Indian Centre of Islamic Finance apprised the Committee about the benefits of the ‘Takaful’&nbs...
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An Open Letter to RBI GovernorDear Shri Dr Raghuram Rajan..  Namaskar!  We welcome and appreciate your thoughts delivered at Bharat Ram Memorial Lecture organized by FICCI.  We consider your speech as progressive material for our ongoing studies in the field of Wellbeing Economics.    Your clarion call for reduction of transaction costs towards growth of national markets; institutionalization of idea-producing think-tanks; facilitation of young indian entrepreneurship...
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‘Islamic Finance & Banking: Progress in the Gulf and Prospects in India’ A Talk in Jamia Millia Islamia
The Gulf Studies Programme of India Arab Cultural Centre, Jamia Millia Islamia and ICIF jointly organized a talk on “Islamic Finance & Banking: Progress in the Gulf and Prospects in India” on Tuesday, 1st October 2013 at the Centre’s Conference Hall.H. Abdur Raqeeb, General Secretary of Indian Centre for Islamic Finance (ICIF) delivered the talk which was followed by comments, questions and answers.Dr Javed Ahmad Khan and Dr Rafiullah Azmi of the Centre for West Asian Studi...
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ICIF delegates meeting Luxembourg Ambassador, Mr.Gaston Stronck
A delegation of Indian Centre for Islamic Finance (ICIF) met His Excellency Ambassador of Luxembourg Mr. Gaston Stronck who appreciated the works of ICIF and was introduced through its website. The delegation consisted of Mr.H Abdur Raqeeb, General Secretary of ICIF, Mr. Khurshid Najmi, Former legal advisor of RBI and two other staff members of ICIF- Mr. Ali Jasim and Mr. Thalha Hussain. The ambassador briefed about Luxembourg. “Luxembourg is the one of the most sought after investment de...
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Intereaction with Dr. Nejathullah Siddiqui
Sahulat Microfinance Credit Society and Radiance Weekly jointly organized an interactive program with Dr. Nejathullah Siddiqui, the pioneer of islamic Finance at Markaz media hall. ICIF facilitated the event by ensuring the participation of students and research scholars associated with it in the program. Dr. Javed Khan of Jamia Millia also participated.
ICIF General Secretary Mr. H Abdur Raqeeb and Mr. Burhanu Rahman along with President JIH North Assam held a press conference at Guwahati Press Club on 19th November 2013. He explained the prospects of Islamic Finance in India and the efforts made hitherto  for introducing the same . The news was extensively covered  both in print and electronic media of the Northeast in Assamese ,Hindi, Bengali and English.
Meeting with Jammu & Kashmir Bank Vice President Mr Rafi Fazili
ICIF General Secretary H Abdur Raqeeb discussed with Mr. Rafi Fazilli vice president J&K bank on various aspects of Islamic finance and introducing Kerala Model NBFC in J&K. It was conveyed that J&K bank has already submitted to RBI for a subsidiary of Islamic Banking in the bank
A delegation of ICIF consisting of Mr. Abdul Rahman MP, Mr. H Abdur Raqeeb General Secretary of ICIF, Mr. Khurshid Najmi, Former Legal Advisor to RBI and Mr. Thalha Hussain, Staff Member of ICIF met Mr. Rajiv Takru at his office and submitted the memorandum on Islamic Finance. He assured to look in the possibility of having Islamic Windows in conventional banks.
Meeting Arvind Kejriwal before Delhi Elections to include interest free finance in the banking in the manifesto
ICIF representatives led by General Secretary H Abdur Raqeeb met Mr. Arvind Kejriwal  and urged him to include the case of Interest Free Finance and Banking in the manifesto as recommended by the present RBI governor Dr. Raghuram Rajan. The memorandum was submitted to Mr. Yogendra yadav, the chairman of the manifesto committee of the party through  Mr.Irfanullah Khan, Okhla candidate of AAP.
Discussion with Larson and Turbo
Larson and Turbo Infrastructure Development Limited invited ICIF General Secretary Mr. H Abdur Raqeeb to have a discussion on potential and prospects of Sukuk in funding their infrastructural projects. Elaborate deliberations were made with the management and experts of the company. The meeting was held at Chennai office of L&T.
Meeting with AICC Minority Cell Secretary Khurshid Ahmed Syed
A memorandum was submitted to Mr. Khurshid Ahmed Syed by an ICIF delegation consisting of Mr. H Abdur Raqeeb General Secretary of ICIF, Mr. Khurshid Najmi, Former Legal Advisor to RBI and Mr. Thalha Hussain, Staff Member of ICIF
MPs meet at India Islamic Cultural Centre
Mr. ET Mohammed Basheer MP convened a meeting of the MPs on 11th December 2013 to discuss various issues encountered by orphanages in Kerala with special reference to Mukkam Muslim Orphanage, also invited ICIF for the meeting to present the case of Islamic Finance before the MPs and other distinguished personalities. ICIF representative Mr. Thalha Hussain explained the present scenario and solicited immediate action from the political leadership. The common sentiment of the meeting was to make t...
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Muslim MPs Meet
An informal meeting of the Muslim MPs was convened jointly by Mr. Ali Anwar Ansari MP, Mr. Hussain Dalwai MP, Mr. ET Mohammed Basheer MP and Mrr. Abdul Rahman MP in association with ICIF to discuss the case of Islamic Finance in India along with other agendas.. ICIF General Secretary Mr. H Abdur Raqeeb briefed the various developments to the media .A memorandum on Islamic Finance was prepared with the signature of 10 MPs to be submitted to Finance Minister Mr. P. Chidambaram

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