International Conference on Islamic Finance

Post-Graduate Department of the Rouzathul Uloom Arabic College, Farook College conducted an International Conference on Islamic Finance and Interest-free Banking on 3rd and 4th October 2009 (Saturday & Sunday) at Farook College Auditorium.   The conference was conducted in association with the Islamic Development Bank (IDB) Jeddah, Kerala State Industrial Development Corporation, Government of Kerala and the University Grants Commission (U.G.C.).  R.U.A College is the first post-graduate Arabic College affiliated to the University of Calicut, has the recognition of university grants commission (U.G.C.) and is aided by the government of Kerala.  

This conference, no doubt, was a historic event among financial sector and corporate bodies in the context of present recession in the economic arena for which financial experts and investors alike are seeking effective solutions.  On our part, it has become our fundamental duty to explain merits of interest free banking/finance system. 

A high level delegation, after extensive discussions in the American Congress, was in Riyadh recently to study prospects and fundamentals of Islamic Finance/Interest-free banking.  Later in a press conference they proclaimed that the Islamic Finance system is the right alternative to contain the vices of economic collapse and sluggishness. 

On the Indian scenario, the Planning Commission of India had constituted a high level committee headed by our Hon.Prime Minister Dr.Manmohan Singh and led by Prof. Raghuram Rajan for Financial Sector Reforms and the report submitted to the Planning Commission by the said committee emphasized on creating financial infrastructure for interest free banking in India.  In Kerala, a government constituted committee will look into setting up of an investment firm with participation of investors and commercial houses jointly.  Minister of Commerce Dr. Thomas Isaac and Minister of Industry Mr. Elamaram Kareem both indicated to the high potential of Interest-free banking and Islamic Finance in the state.   Islamic Banks/Financial Institutions have tremendous success records in U.S., U.K., France, Japan, Indonesia, Malaysia, Sri Lanka, Egypt and Gulf countries.   Their number exceeded five hundred the world over.

The conference was convened in the atmosphere of high potential and increased success rate of the mission.   Since the curriculum and syllabus of the Post-graduate studies in Rouzathul Uloom Arabic College include elements of Islamic Economics we thought it fit to conduct this program so as to elevate interest of the enthusiasts and enlighten them in the subject. Ministers of Central and State Governments, Financial experts, University Professors, noted Economists in the corporate world and press heavy weights with a crave to commerce/finance portfolio attended the conference. 200 persons from home and abroad participated the two day seminar and among them are experts from U.S.A., U.K., Saudi Arabia, Kuwait, U.A.E., Bahrain.