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A panel of experts today said that Islamic banking has huge scope in Jammu and Kashmir and it is the way forward for the state’s development, as the alternative banking will not only bring financial inclusion but provide equity based and interest less finances for businesses, institution building and entrepreneurs. 

The experts where speaking at a two-day international conference on “Islamic Banking and Finance: Way forward for inclusive and sustainable development”, which commenced today at Baba Ghulam Shah Badshah University campus here today.

The conference is organized by Schools of Management Studies and Social Sciences of BGSBU and sponsored by Khyber Industries, Srinagar and J&K Bank Ltd, a varsity spokesperson said.

“The objective of the seminar is to acquaint scholars from both academia and industry about the concept of Islamic Banking, opportunities and challenges for its future growth,” said the spokesperson. 

The event was inaugurated by Vice Chancellor of BGSBU Prof Javed Mussarat. At the oiccasion, he highlighted his optimism with regard to the opening up of Islamic banking and finance at a much larger level and also highlighted his vision for developing BGSBU as centre for academic research and excellence. 

Prof MM Majeed, Dean, IIBF, Hyderabad in his address highlighted the various global and local perspectives of Islamic banking and finace and stressed upon the need of introducing Islamic banking system in the state of Jammu and Kashmir, as it is the way forward for the state’s develpment. Mufti Nazir highlighted the religious prospective of Islamic Banking and Finance and presented the historic back ground of the concept. He highlighted various terminologies being used in Islamic finance and highlighted the importance of Islamic banking system for equitable and inclusive growth and development. Riaz Trumboo, speaking on the occasion highlighted the potential of Islamic banking in Jammu and Kashmir as a vibrant opportunity for the socio- economic growth of the state.

Dr Shariq Nissar, a leading scholar in the field of Islamic banking and finance gave a detailed presentation regarding development on Islamic finance in Indian context and stressed upon the need of creating adequate manpower for delivering to the expectations of  industry as for as the implementation of Islamic finance is considered. Prof. Valeed Ahmed Ansari Dean and chairman, Faculty of Management Studies, AMU and Prof Javed Ahmad , Director, Centre for west Asian Studies, Dr Mohammed Faisal also delivered their talks on Islamic banking. A panel discussion on prospects and challenges of Islamic Banking in India was held in the evening session. Dr Javed Iqbal Assistant Professor, Department of Management Studies presented the vote of thanks to the guests & dignitaries in the inaugural session for making this event a successful.