HYDERABAD: Emerging markets in Islamic banking and finance in India and abroad need close to 50,000 financial experts, a requirement that can be met by the huge reserves of human capital in the country, particularly in Hyderabad.
Speaking at a conference on Islamic banking here on Monday, M S Sheriff from the Institute of Islamic Banking Finance and Insurance (IIBFI) said, "There are 75 countries in the world which have recognised Islamic banking and finance with South Africa, USA, Singapore,Saudi Arabia and Malaysia being a few of them. Major corporate banks such as HSBC, Citigroup, Deutsche Bank and Standard Chartered all have Islamic banking windows. There are a lot of job opportunities in this sector for the youth. The youth of Hyderabad have always shown interest and are keen on understanding Islamic banking." Sheriff pointed out that a large section of the ulema (Muslim clergy) remain unaware of banking practices and need to be trained in both Islamic and conventional banking. The training of the ulema in practical banking principles is imperative to answer queries regarding paying and receiving interest on loans and deposits. Also, Islamic banking and finance institutions require them to be on the boards of their governing bodies.
Experts noted that Islamic banking and finance, though recognised by the Securities and Exchange Board of India in the capital market in the form of wealth management and mutual funds, is yet to gain mainstream acceptance. "Islamic finance advisors are getting competitive remuneration packages in India and abroad. The BSE Shariah 50 Index recognises 50 companies in India that have passed strict Taqwaa Advisory and Shariah Investment Solutions norms of shariah compliance - that of dealing in halal (permissible according to tenets of Islam) products and products free from interest," said Shariq Nisar from IIBFI and London School of Economics.
(The Times Of India / 31 July 2012)---
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com