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India shows great interest in Islamic Finance

Published: 25/07/2012 12:35:00 PM GMT
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New Delhi: India has developed greater interest in the Islamic Finance sector and there are fair chances that the country would introduce Islamic Finance in near future first time ever for the Indian people.

By Farhan Iqbal


New Delhi: India has developed greater interest in the Islamic Finance sector and there are fair chances that the country would introduce Islamic Finance in near future first time ever for the Indian people.

This was revealed by the Secretary-General of the World Islamic Economic Forum (WIEF), Tan Sri Ahmad Fuzi Abdul Razak, while talking to media earlier this week.

He said that the subject of Islamic Finance is new to the Hindu state, India,but it has attracted not only considerable interest of the Indian government but local media as well.

He highlighted the main motive of WIFE visits to other countries while saying that this has been the case in all WIEF visits to other countries as well, and in India particularly, simply because no Islamic finance institution has been established there.

Abdul Razak stated, “I think the Indian government will look at this seriously with a view to coming out with a policy decision eventually as regards the establishment of Islamic banks and finance institutions in the country.”

He assured that WIEF will continue to provide that platform and welcome participants from India to attend its session on this particular area.

“They should take advantage of the opportunities available in Malaysia with regards to training programs because it is difficult to establish such institutions without developing the right expertise and building up resources,” he said.

Abdul Razak was on a visit to the Indian capital, New Delhi, to attend the one-day International Advisory Panel (IAP) meeting. WIFE delegation was led by the WIEF Chairman, Tun Musa Hitam, which witnessed the substantial participation from India's corporate and public sectors.

Abdul Razak termed the meeting a success and said, “The meeting in New Delhi was very successful, we were able to resolve and make decisions on a number of aspects in relation to the preparation for the 8th WIEF in Johor, Malaysia.”

The 8th WIEF will be held on Dec 4-6 at the Persada Johor International Convention Centre under the title “Changing Trends, New Opportunities.”

“WIEF has also built a database after a series of meetings with the Indian business community and provided more information to the media in India about WIFE,” Abdul Razak concluded.



Tan Sri Ahmad Fuzi Abdul Razak, Secretary-General of the World Islamic Economic Forum (WIEF)

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