He listed a number of saving schemes, but stressed that mutual funds maintained a “steady growth” even during the recent economic turbulence in India.

He emphasized the efficacy of medical insurance. “Due to lack of knowledge people are compelled to spend their hard-earned money on health,” he said.

Responding to a question on Shariah principles in finance, he said there were companies back home working on Islamic principles.

Dastagir, who lived in Jeddah for a long time before returning to India to head important financial institutions, said expatriates waste their hard earned income due to lack of proper guidance on savings.

Aleem Khan Falaki, a local resident, enlightened the audience on the socio-economic aspects of savings. He pointed out that India is the biggest importer of gold — 8 tons per year, while America remains second importing 4.3 ton per year.

Eighty percent of gold with Indians goes into making jewelry, which then remains in bank lockers, while 80 percent of American women invest their gold in the corporate sector. If men divert gold to business, a majority of them who are merely clerks and secretaries or on lower jobs, can establish themselves as businessmen, industrialists, etc.