KOCHI: The adoption of Interest Free Banking system in the country offers a great opportunity to attract substantial investments from counties in the west Asian region to India, said Muddassir Siddiqui, a leading authority on Interest Free Banking.
Addressing a press conference — said institutions and high net worth individuals from these countries are looking forward to investment opportunities in India, one of the fastest growing economies in the world. The traditional relationship between India and Arab countries will also act as catalyst for selecting India as the investment destination, he added.
According to projections by global consultant major, McKenzie, investment surplus in the west Asian region is expected to be around 9 trillion dollars by 2020.
Currently, the investment surplus in the region is around the levels of 1.5 trillion dollars.
India can attract a good portion of this huge investment potential by developing the appropriate regulatory framework, — said. Regulatory framework suitable for Interest Free Banking will not have any impact on the existing financial system in the country, he added. The experience of England, France, US, Hong Kong and several other countries is having Interest Free banking system along with the conventional banking system, he said. A high level committee on Financial Sector Reforms of the Planning Commission headed by Dr. Raghuram Rajan has also recommended Interest Free Islamic Banking to be introduced in the banking system for Inclusive Growth.
Interest Free Finance & Banking focuses on transparency, Cooperative ventures, shared risk and ethical investing which attracts a wide range of both Muslims and Non Muslims alike according to reputed global consultant Boston Consulting Group.
The investment commission of India has identified 25 key sectors spanning infrastructure, manufacturing, services, natural resources, and the knowledge economy requires an aggregate investment of 500 dollar billion.
The two-day conference in Kochi on Tuesday and Wednesday (5-6) is aimed to create awareness about Interest Free banking among broad spectrum policy makers, economists, investors etc. Leading experts on the subject will address the seminar, the first of its kind to be held in the country.
Muddassir Siddiqui, Khurhid Najmi, Indian Law Service, Mr. Abizer Diwanji, KPMG and Mr. H. Jayesh, Jiuris Corp are amongst the several experts gracing the seminar.
In the inaugural session preceding the seminar will be inaugurated by Justice V.R. Krishna Iyer. H. Abdur Raqueeb (Delhi), Dr Muhammad Ubaidullah (IDB), Dr. Muddasir Siddiqui, P.V. Abdul Wahab, E.T. Muhammad Basheer, M. I Shanawas (members of parliament) and several other prominent personalities and experts from India will take part in the inaugural function. The Conference is being organized by Al-Jamia Al-Islamiya, Santhapuram Kerala and IRTI of Islamic Development Bank, KSA.
Muddassir Siddiqui, Dr. M. Obaidullah, H. Abdur Raqeeb, Dr. Abdussalam Ahmed were attending the Press Conference here.