The seminar, which will be attended by experts from
different countries including Saudi Arabia, the US, Indonesia, the UAE and
Qatar, aims to discuss prospects of introducing Islamic finance to the Indian
economic system and examining the Indian regulatory and policy environment to
accommodate the Islamic system.
"Original theoretical and empirical research papers of
high quality are invited," said a statement issued by the two institutions,
which are jointly organizing the seminar. Papers should focus on Shariah and
organizational issues, products, models and structures, regulatory and policy
Issues, demand assessment of specific components of the financial system at
micro, meso and macro levels.
"Selected papers would generally be India-focused but
would also include challenges and solutions to the Islamic financial services
industry in the light of international experiences," the statement said.
Papers highlighting lessons from Islamic finance experiments in countries
across the globe would be considered.
Papers must be original contributions and written in
English, said Abdussalam Ahmed, director of the university.
Aug. 15 is the closing date for submission of papers while
Aug. 31 for informing researchers about the acceptance of their papers.
Speaking about the significance of introducing Islamic
finance in India, IRTI's Mohammed Obaidullah said it would contribute to
achieving greater financial inclusion, bringing in large sections of excluded
population into the formal financial system.
"Enhancing financial inclusion is an important goal of
regulators and policymakers across the globe. This assumes greater significance
in a country like India with its over one billion population," said
Obaidullah, an Islamic economist.
"During the last three decades Islamic finance has
contributed significantly to the development of financial sectors and deepening
of financial markets in several countries, thus contributing to economic
development," he explained.
As Islamic finance is expanding worldwide with total assets
reaching nearly $1 trillion, its systemic importance for the stability of
national, regional and global financial system is also increasing fast. Many
non-Muslim countries such as the UK, the US, Singapore, France and Australia
are competing to become Islamic finance hubs.
Justice Krishna Iyer, former Supreme Court judge, has
welcomed Islamic finance in India. "Islamic finance has proven successful
in poverty alleviation and promoting sustainable growth in many countries,
including the United States, and it is very relevant in our country where 20
million people are starving," Iyer said.
The three-day seminar is titled "Islamic Finance in
India: Products, Institutions, and Regulations" and will be attended by
representatives from regulatory bodies, professional organizations, business
firms and foreign and Indian financial institutions as well as university
students and social activists.
