BSE and TASIS train business executives for Islamic banking & finance

By Mohd. Ismail Khan and Mudassir Rizwan, TCN,

Mumbai: Corporate executives and finance professionals learning and discussing financial business market issues in conference rooms at Bombay Stock Exchange (BSE), is a normal scene but what happened last week was unprecedented. This time they were learning and discussing Islamic banking and finance at a program jointly organized by Taqwaa Advisory and Shariah Investment Solutions Pvt Ltd (TASIS) and BSE.




Training program on Islamic banking and finance held at BSE, Mumbai



TASIS and BSE organized the two-day program “Islamic banking, finance and capital market” (16-17 Dec.) for market professionals, finance and banking executives. The push might have come from growing Islamic banking and finance sector across continents.

Islamic banking and finance has reached the boundaries of more than 75 nations of the world, and many developed and secular nations including UK, USA, France, Germany, and Singapore are promoting this concept. The robust performance of Islamic banking and finance sector during the recent financial downturn has added to its magnetism.

Western nations such as UK, are promoting Islamic finance with the slogan of “no favor but no discrimination”. Same way in India many institutions including some owned by government have showed interest to capitalize on this growing niche opportunity. For example Kerala government owned KSIDC has started Al-Barakah Financial Services Ltd; GIC of India has started Islamic re-assurance scheme, SEBI has permeated several schemes explicitly adhering to the Islamic rules of investment, and Bombay Stock Exchange has started a Shariah index for share marketing.

The two-day program by TASIS and BSE was organized for finance professionals, fund managers, merchant bankers, corporate financial advisors, portfolios managers, and product development managers, finance marketing professionals, chartered accountants, stock brokers, wealth managers & AMCs. The program mainly focused on the following:

• The basic concepts of tenets of Islamic banking and finance
• The working of an Islamic bank
• Islamic law relating to investment in the stock market
• Screening processes of selecting shariah compliant stock
• Islamic insurance

Program to train professionals for coming Islamic finance market

TCN spoke to Dr. Shariq Nisar, Director of TASIS, on the program and its purpose. The reason to organize this programme was that many business professionals were interested in knowing about Islamic finance, so by the way of this programme professionals will get aware of the Islamic finance, and also when Islamic banking is going to start in India and if the people are not aware of it then the chances of exploitation is very high. So to avert that kind of situation this programme is conducted, said Dr Nisar.

He says it is first kind of programme organized by the BSE for the professionals who want to learn about Islamic finance. He further says that majority of the professionals attending this programme are non-Muslims, and non-Muslims professionals are showing curiosity and interest in learning about Islamic finance, and how Islamic banking and insurance can function and also the Muslims who are attending this programme are seeing it from business operational point of view, and not in a religious way.


India needs Islamic finance for growth: Dr Shariq Nisar

Dr. Nisar says Islamic finance in India depends on two important aspects: First is the domestic demand; and the second is India’s position in the globalization of the financial sector, because domestically India is unable to generate enough capital largely because its major Muslim population is being discouraged to enter into the Indian market because of the perception of Haram, and globally the large number of global capital is getting generated from middle east or many other Islamic countries. So if India wants to satisfy the demand of investment and capital it has to have an Islamic financial market both domestically and globally, and India will definitely be going to have a Islamic financial market very soon. The sooner India does it, the better for the nation and the whole economy, he ascertains.



Dr Shariq Nisar, Director, TASIS, giving market executives tips about Islamic banking and finance

He said the shariah index started by the BSE is just a one step. It is not the end. There is going to be much more research by the BSE and TASIS to certify many more shariah compliant products and the Islamic banking. He says Islamic finance is not just for the minority Muslim population in this country, but it is for the money. The nations which have allowed Islamic finance were not lovers of Islam. For example France allowed Islamic finance but in the same month it banned hijab. Different countries and people are attracted towards Islamic finance for the need of money. He said Islamic finance is all about the real economic activity, it doesn’t allow gambling with the money, in this way it can restrain economic downturn by promoting real economic activity and deterring people to gamble with money so it will be in the larger interest and welfare of the citizens of this country.

He says India is a country with huge Muslim population but still it is far behind in implementation of Islamic finance. Muslims in this country have money but they don’t know how to invest it financially, nor even banking professionals know as to how to guide their Muslim customers to invest in the commodity market. So this type of programme is conducted by the BSE and TASIS to train the banking officials in the Islamic finance.


Young market executives on Islamic Finance

TCN also spoke to some of the finance professionals who were attending the programme.

Varsha Jalan is an employee of a law firm giving legal assistance in the finance related matters. She said reason for joining this programme is to develop her expertise in the growing Islamic financial market, and because it could be a good mode of finance in India. Sumit Jalan and Yasmeen both belong to the banking profession. They said that Islamic finance has a good potential in India because of the large number of Muslim population which India possess, but at the same time they ascertain it should not be limited to a particular community because it is very viable and economical than other services, so every person should get avail of this service.



Finance executives Yasmeen, Sumit and Varsha attending the workshop on Islamic banking and finance held at BSE, Mumbai

Varsha says that the programme was informative, and she learned new and surprising things about the Islamic finance and about the tenets of Islam. She thinks Islamic finance is a good way for India to attract FDI because India is in need of money and for Middle East India is good alternative to the west. Sumit and Yasmeen said that they learned many things about how the markets and MNCs work in Islamic countries and it was useful for them as they come from the banking sector, and it was good experience for them to learn about the core principles of Islamic finance. Sumit says that to attract FDI in the banking sector you need to have knowledge of the environment which investors are looking forward for their investment, so the knowledge he gained will be useful for him in the future. Yasmeen said being a banker learning something new regarding to their profession was a pleasant experience for her.

An encounter with girl students in naqab at Patna Museum

By Mudassir Rizwan, TwoCircles.net,


Patna: The scene was very impressive but rare. Dozens of young Muslim girl students of a private school, in a naqab-like school uniform, were curiously looking at antiques at Patna Museum on Friday. Keeping Islamic dress rule close to their chest, they had ventured out on an educational tour to see the outer world – to have a close encounter with history and present.





“We are here to see old historic items, and learn lessons,” said Darakhshan Javed, VIIIth class student of Hazrat Ali Academy, a prominent Muslim private school in Muzaffarpur.







My next question obviously was about her naqab. Don’t you feel odd or face any difficulty when you come out in naqab? “Not at all. I don’t feel odd. This is our tehzeeb (culture) and a best means to keep ourselves from the evils of the society,” said a confident Darakhshan whose ambition is to become an engineer.





Marwa Iba of Class IX sounded equally confident about her dress. “I feel good when I come out in naqab. I feel safe from bad eyes. As most of women today do not wear naqab, so people think it is bad. In fact, it’s good,” said Iba. She wants to become a doctor.





About 30 students of Classes VIII, IX and X had come along with their teachers in the school bus. Besides Patna Museum, they visited Indira Gandhi Planetarium (popularly known as Tara Mandal) and Sanjay Gandhi Botanical and Zoological Garden (Zoo).





Highlighting the purpose of the visit, their principal Mr. Ehraz Ahmed said: “Quran asks us to move on earth and learn lessons from the fate of past nations and history. It is in our curriculum to take out students on educational tour of historic places so that our children could see the wider world.”

Wania Yusuf

Muslims backward due to discrimination, historical events: Muslim leaders

By Mumtaz Alam Falahi & Mudassir Rizwan, TwoCircles.net,

Patna: Challenges before the Muslim community in India today are many thanks to some historical events on one hand and discrimination by political parties and successive governments in Independent India on the other. Solution lies not in wailing but in education and political empowerment. These were the views of various Muslim leaders who had gathered here from major North Indian states.

More than 50 known faces of the Muslim community from social, political and educational field were invited at the “National Seminar on Challenges Before Minorities” organized by ETV group of regional and language news channels. Chief Minister Nitish Kumar and his deputy and BJP leader Sushil Kumar Modi also attended the seminar.





Highlighting the apathetic attitude of the BJP-JDU alliance government of Bihar towards the Muslim community in the state, Maulana Wali Rahmani, Sajjada Nashin of Khanqah Munger, quoting official data said that central funds for minority welfare schemes are not being used properly here.

“The Katihar Medical College, the only minority medical college in the state, had sent an application to the state government two years ago. The state government is sitting on the application and not forwarding it to the central government,” said Maulana Rahmani. Only yesterday the Planning Commission Deputy Chairman here said that the country needs 1.5 lakh more doctors. According to health policy, for every 2000 people there should be a doctor. But the total number of seats in all medical colleges in the state is just 300. Yet the state government is sleeping on the application of Katihar Medical College, Maulana Rahmani added.

“It is said we are backward in education. True, but when we want to move we are put in fetters,” said the Maulana who is also patron of Rahmani Foundation.



He gave another example of the discrimination of the state government.

For Swarnjayanti Gram Swarozgar Yojana (SGSY) scheme, the state government has not recommended any Muslim NGO, he alleged.

“I want to ask the government if they have sent any application of a Muslim NGO for this scheme in the last 7 years. It is not that application from Muslim NGOs has not reached the government. I myself had submitted an application to none other than Chief Minister Nitish Kumar on 7th August 2007. The application has not yet reached Delhi,” said Maulana Wali Rahmani.

With the help of Bihar government data, the Maulana exposed the state government’s unwillingness to work for minorities.

Talking about little utilization of funds of the central government for minority welfare schemes in minority districts under Multi-sectoral Development Program, he said: By 31st Dec 2010, the centre had sent funds for 30298 units under Indira Awas Yojna, but the state government has achieved just 2100 units. By the same period, 1416 anganwadi centres were to be created but only 14 were created. Besides out of sanctioned 2735 hand pumps only 100 could be set up and out of 134 school buildings only 1 could be built.




Maulana Mahmood Madani, Member Rajya Sabha and General Secretary Jamiat Ulama-I-Hind, said people should know that Muslims are here by choice, not by chance. He urged the community to come out of the feeling of minorityism.
Referring to the attitude of political parties who have taken the community as use-and-throw, Maulana Madani recited some couplets of a poem written by noted Urdu poet and writer Dr Kaleem Aajiz:


Mere hi lahu per guzar auqat karo ho/Mujh se hi ameeron ki tarah baat karo ho
Hum khaak nasheen tum sukhan aara sarebam/Paas aa ke milo dur se kya baat karo ho
Youn to kabhi muh pher ke dekho bhi nahi ho/Jab waqt pade hai to madaarat karo ho





Before reciting the last couplet of the poem, Maulana Madani specially and meaningfully drew the attention of BJP leader Sushil Kumar Modi who was sitting on the stage:


Daman pe koi chheent na khanjar pe koi daag/Tum qatl karo ho ke karamaat karo ho. Maulana Madani earned a huge applaud from the audience.






While admitting discrimination and bias from governments and political parties, he said India still is the best place on earth for Indian Muslims.
“Still I say, for Indian Muslims there is no place better than India and I am proud of it. Please do not make Muslims a minority. They are the second largest majority of the country. It’s time wwe should leave minorityism. Muslims are the shareholder of the country. Muslims are asset for the country, not liability. We are Indian not by chance but by choice. We do not want to live as a minority,” he concluded.

Dr Shakeel Ahmed, Congress spokesperson and Special Invitee to All India Congress Committee, in his turn, pointed to three historical factors mainly responsible for the backwardness of the Muslim community.



“There are three basic and historical factors behind the backwardness of the community. About 90% of the community is convert. Cream and upper class people did not convert to Islam. People in isolated and backward areas converted from a community to other community. Second is oppression of the British rule. They snatched power from Muslims so there were always afraid of the community to get united and return to power. That’s why the one community which the Britishers oppressed since the beginning in an organized way was the Muslim community. And the third is partition when cream of the community left the country for greener pastures,” said Dr Ahmed.

True, in Independent India, parties and governments have done discrimination with Muslims. But such discrimination has been done to other communities as well, he said and urged: “We can overcome it only through hard work and education. We have to come out and work hard, we cannot afford just sitting and wailing and listening to our people narrating the stories of discrimination and injustice,” the Congress leader said and gave some examples of hard work that earned Muslims top positions in the country.



“Free India has got 3-4 presidents from the Muslim community. Could they have got such position if they had sat at home wailing? Muslims have topped IAS and IPS in the country. Amir Subhani, Jawed Usmani and Shahla Nigar to name some. How could they have got it if they had not work hard? At one time, national teams of all five top games in the country were led by Muslims: Mohammed Azharuddin (Cricket), Mohammed Nayemuddin (Football), Zafar Iqbal (Hockey), Akhtar Ali (Tennis), Mir Qasim Ali (Table Tennis) and Syed Modi (Badminton). They got the position by their labor, not in charity. If they had sat at home thinking who hears Muslims, they could not have got what they did. I request you to keep away from those who put you in inferiority complex.”

Others who spoke on the occasion included Abdul Bari Siddiqui, Opposition Leader, Bihar (RJD), Imran Qidwai (Chairman, Minority Cell, Congress Party), Dr Jagannath Mishra, (Ex-CM, Bihar), Ali Anwar Ansari, Rajya Sabha MP (JD-U), Sultan Ahmed, Union Minister, Qazi Rasheed Masood, vice president SP.

(Photos and videos by Mudassir Rizwan, TwoCircles.net)

World Cup 2011 celebration in Mumbai

Photos by Rehan Ansari, TwoCircles.net

Movement for AMU Kishanganj centre gaining momentum

By Mudassir Rizwan, TwoCircles.net,

Patna: With the state government of JDU-BJP alliance seemingly putting the issue of Kishanganj Special Centre of Aligarh Muslim University in the cold storage, movement for the AMU branch in the most backward district of Bihar is gaining momentum as students groups as well as political parties are stressing the demand.

Two days after the Bihar Zone of Students Islamic Organization of India organized a sit-in near Gandhi Maidan in the heart of the state capital, a bigger demonstration was organized at the same place by the Joint Movement for AMU Special Centre on 29th March.



Politicians from different parties holding sit-in in support of AMU centre in Patna


Addressing the demonstrators, Feroz Ahmad, Patna High Court advocate and president, Surjapuri Development Organisation said the Central Government and Aligarh Muslim University have already given nod to open AMU centre in Kishanganj, but there is little progress on the issue as the Bihar government is not providing land for the campus.

Members of the Joint Movement for AMU Special Centre included many organizations like Surjapuri Development Organisation, Kullaiha Development Organisation, Bihar Madrasa Old Boys Association and SIO. Senior Urdu Journalist Ashraf Asthanvi was also there in support of the demand.

Not only Muslims but Hindus are also in favor the special centre and the support is coming not only from Kishanganj but all over Bihar, said Ahmed, an active member of the Joint Movement.



Political parties including RJD and Congress are also giving their support to the movement.

Addressing the gathering, RJD MLA Abdul Ghafoor said “we are here to support the movement. RJD is also with you and all party members are as well.” India is a democratic country. If government is not giving their support then public should come forward. If AMU center will open in Kishanganj then it will be proud of Bihar not only for Kishanganj but for whole Bihar as people of entire Bihar will get benefit from the center in Kishanganj, he added.

“Muslim as well as Hindu and other communities will get benefit. This movement is not form only one community but it is for whole community. Everyone should come and give their support to this movement. Bihar govt must give land in Kishanganj. In Nalanda 450 acre land has been given and I heard that 500 acre land given to Film Director Prakash Jha. So why aren’t they giving even 250-300 acre land in Kishanganj for AMU center?” said Ghafoor.



Students from various colleges and universities holding the sit-in in support of the AMU centre


Yuman Hussain from Kishanganj, who runs Azad India Foundation in the district, said: “We should get our right to get education anyhow. If government does not accept our demand then I will come out to support the movement.”

The organizers demanded the Bihar govt to give land for the AMU campus as soon as possible. Otherwise, they warned to intensify the movement. They announced they will organize dharna at Zila and bloc level and even will launch Chakkajaam and rail roko movement.

Others who spoke on the occasion included Md Anis, Coordinator, Joint Movement for AMU Special Center, Dr BH Khan, Spokesperson of Bihar Congress Minority Committee and Adv Raghib Ahmed, Patna High Court.

Time to stand up to resolve our problems: Inamdar

By Manzar Bilal and Mudassir Rizwan, TCN,

Patna: There have been lots of meetings to know about our problems. It is time to stand up to think that now we can solve our problems. When we start work, we will get confidence and then we will move on toward success. We should think how to implement our own agenda but unfortunately we expect that from government. These views were expressed by eminent educationist from Pune, Mr P.A. Inamdar.

He was speaking at a program entitled Talim and Talim Ki Tanzeem organized by Rahmani Foundation of Munger at Haj Bhawan here on 27th March.



P.A. Inamdar


Speaking on the topic, Inamdar said RTE act has changed the situation of the country. “We should not spend our money on establishment of new schools because it has become the responsibility of government through RTE Act. Yes that money we should spend on education and not on building of schools because education has become business, and so, our children need huge money to pay fees for higher education,” he said.

“We must learn computer and technology because it is the need of our time, otherwise we will remain behind everyone. We are giving computer education to poor children of slums in Pune. We are running 15 centers for the purpose,” he said.



L-R: Ajmal Farid, P.A. Inamdar, Ahmad Ashfaq Kareem, Dr Lutfur Rahman, Shafi Mashhadi & Manzar Jameel


A huge amount of government for minority will come in near future, so have we any plan to receive that amount for betterment of Muslims? One person in every district of state can change the picture, he said and promised to work for the Muslims in Bihar but urged to work as ‘the thing that is better for our own children that is for the community also.’ We need quality to rule the world and not majority as we know that we ruled the country when we were in little number, he added.

Addressing the audience, Prof. Dr Lutfur Rahman said that a community needs to get excellence in education to get honor and power in the world. “But today we are worst in education so how can we progress?” said former MLA and noted Urdu Journalist Rahman.



Maulana Wali Rahmani and others



There are many Muslims who are wealthy. If each of them takes responsibility to afford education of one child then picture will be quite different. Similarly, those who do not have wealth but have knowledge they can play good role by following the ‘Each one, Teach one’ principle.

Ajmal Farid, Editor, Patna Urdu daily Qaumi Tanzeem said that Islam is religion which gave much importance to education. This is evident from the first wahi (revelation to Prophet). “Till Muslims were taking this message seriously they were in the front at every level, but now Muslims are lagging behind only due to ignoring the message.”



Audience


Ex- IAS Shafi Mashhadi said that Muslims are 15 million in the state of Bihar but out of them only 40% Muslims are literate the rest are illiterate, and only 20% Muslim women in the state are literate.

In Bihar there are only few Muslim NGOs that are working for Muslim welfare. So, need to establish sincere NGOs because we know that government are implementing welfare schemes through NGOs, he said.



Audience


Muslims intellectuals and elites are really culprits for this sorry condition of the community because they did not perform their responsibilities in this regard, he averred.

The program was presided over by Ahmad Ashfaq Kareem while Maulana Wali Rahmani was the patron of the program.

PayBox

PayBox

Son of a foreman becomes top rank IFS officer

By Mudassir Rizwan, TwoCircles.net,

Since his childhood he had dreamt high though he comes from a humble family – father a foreman and mother housewife. This Jharkhand youth who was born in the united Bihar 27 years ago wanted to become doctor. He has become Indian Forest Service officer with flying colors – he has secured No. 1 position in the IFS Exam 2010.

High dream

“Everyone has a dream to be a doctor, an engineer or something else. I also had a dream to be a doctor but time changed my dream when I did not pass medical entrance exam,” role model Shaba Alam Ansari tells TwoCircles.net.



Shaba Alam Ansari


The Union Public Service Commission on 21st Feb. 2011 announced the result of IFS Exam 2010. Shaba Alam Ansari has topped the list of 85 successful candidates.

Ansari hails from Dhanbad district in Jharkhand. His father Mohd Shamim works as a foreman in BCCL, Dhanbad, and mother is a homemaker. He has three sisters and a youngest brother.

Education

Ansari has done his schooling in his home district. Giving details about his education to TCN he says: “I have done my schooling from DAV Public School, Dhanbad, graduation in (Forestry) from Sirsi, Karnataka and M.Sc. in (Wood Science and Technology) at Forest Research Institute, Dehradun, Uttarakhand.”

Financial obstacles

As he does not come from a rich family, he had to face financial problems in pursuing education but he offers gratitude to his parents who were all help to him. “We had financial problem but my father and mother didn’t get me feel any tension,” says Ansari.



Shaba Alam Ansari at work at APP Timber


Inspiration

After completing his education, he got his first job at a timber trading company APP Timber where he worked for 2 years. He left the job for four months for preparation for IFS, Ansari added.

“After B.Sc. in Forestry this was the best option for me that’s why I decided to do IFS. My seniors and friends encouraged me to try for IFS,” he says. For the big success, he gives credit to “my father, mother, teachers and friends.”


Attached to roots

Even while flying high he is deeply attached to his roots. He regularly donates for an orphanage in his home district. “I always do charity for Orphans. In Putki area of Dhanbad there is an orphanage. I donate it some money every month.”

Ansari’s message

“I want to say that whatever you do just keep your mother and father in your mind.”

Shah Faisal of Kashmir had topped IAS in 2010. Shaba Alam Ansari has bagged the high cap in IFS in 2011. Both are great news of inspiration for the Muslim youth in the country.

India's tiniest surviving baby

Weighing just around 495 grams with feet barely half the size of an adult finger when she was delivered by caesarian section in the 27th week of her mother's pregnancy Oct 2,2010, Sayalee, who was put on breathing support at birth, is perhaps the tiniest baby to be born in India. Sayalee’s mother, Shaila Pawar got lucky the 14th time, after having undergone 13 failed pregnancies - 3 abortions and 10 still borns. Doctors waited until the baby reached a "safe survival period" and was discharged Dec.30 after she attained a healthy weight of 2.4 kg. According to doctors, to salvage the life of such a small baby is challenging as there is no reports of a baby weighing so little surviving in India.


[Photo courtesy: Topnews.us]

Kaleem-who change the heart of Assemanand