ICIF GS visited World Bank Global Islamic Finance Development Centre, Turkey.
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 meeting with him. ICIF requested GIFDC to extend their support and cooperation for the
introduction of Islamic Finance System in India. Dr. Nihat Gumus responded to the request of ICIF
positively and clarified that GIFDC has no mandate to initiate any activities in India unless a formal
request is received from the part of Indian Authorities.
GIFDC also asked a detailed report of the Developments of Interest Free Financial System in India for
having a material basis with them and to circulate the idea in various platforms. A detailed report was
accordingly submitted to Dr. Zamir Iqbal, Head of the GIFDC and he also assured all possible support
from the part of GIFDC to promote the idea of Islamic Finance System in India. Dr. Zamir Iqbal later
informed ICIF that they have presented the case before their Washington DC Officials.
ICIF is currently prevailing on Indian Authorities to take advantage of GIFDC as a knowledge hub and
technical centre for the introduction of this system in India. In this context ICIF already mailed to Hon.
Finance Minister Shri. Arun Jaitley, RBI Governor Shri. Raghuram Rajan and G20 Sherpa Shri. Arvind
Panagariya, Chairman Niti Ayug
During the Turkey Visit Mr. H. Abdur Raqeeb also attended the 24th Congress of International Union of
Muslim Communities” conducted by ESAM on 29-30 November in Istanbul and participated in a
discussion on Economics & Social dimensions. He presented how India is emerging as an economic
power and Muslims in India lag behind in education as well as economy. For this he urged Muslim
countries to offer Muslim and Marginalised society students from India special preferred category and
offer scholarship in higher and advanced courses in prestigious universities. He also appealed Turkey as
Chairman of G20 to initiate discussion for introduction of Islamic finance and banking in India and so
also Malaysia as a hub of Islamic Finance in Far East through ASEAN.
At Turkey he also held fruitful meeting with Osman Akyuz (Secretary General of TKBB- Participation
Banks Association of Turkey), Mr Mehmet Ali Akben (Chairman,BSRA- Banking Regulation & Supervison
Agency), Dr Talat Ulessver and Mr Tuncay Dinc, Chairman & CEO Borsa Istanbul, Dr. Nusret Yurter (DIB
Chief Representative in Turkey) and Mr Ayhan KESER (Asst General Manager Al Baraka Bank),