Economic Advancement of Indian Muslims: the Situation and Scope

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Economic Advancement of Indian Muslims: the Situation and Scope Economic Advancement of Indian Muslims: The Situation and Scope Editor Abdul Rashid Agwan IFA Publications Copyright 2010 © IFA Publications English Title: Economic Advancement of Indian Muslims: The Situation and Scope Compilation : IFA (India) Editing : Abdul Rashid Agwan ISBN No : Price : Pages : 513 IFA Publications, New Delhi 161-F, Basement, Joga Bai, Post Box No: 9708, Jamia Nagar, New Delhi-110 025, Tell: 011-26981327 E-Mail: [email protected] Editorial Board Ml. Mufti Mohd. Zafeeruddin Miftahi Ml. Mohd. Burhanuddin Sambhali Ml. Badrul Hasan Qasmi Ml. Khalid Saifullah Rahmani Ml. Ateeq Ahmad Bastavi Ml. Mufti Mohd. Obidullah Asadi Table of Content I. Prologue Ml. Khalid Saifullah 11 Rahmani A. Introduction Abdul Rasheed 15 Agwan B. Resolutions 28 C. Report of the Seminar 35 II. Key-Thoughts 1. Welcome Address Ml. Safdar Zubair 41 Nadvi 2.Theme Presentation Mr. Abdul Rashid 45 Agwan 3.Inaugural Address Prof. Mohd. 51 Nijatullah Siddiqi 4. Blessing Message Mr. K Rahman 55 Khan 5. Key Note Address Ml. Khalid Saifullah 59 Rahmani 6.Presidential Remarks of Inaugural Ml. Dr. Sayeedur 69 Session Rahman Azmi Nadvi 7.Valedictory Address Dr. Salman 73 Khursheed 8.Special Remarks Dr. Khalid Shoib 80 9.Special Remarks of Guest Speakers A. Dr. G. N. Qazi 89 B. Ml. Kaka Sayeed Ahmad Umri 94 C. Mr. Kamal Farooqi 100 D. Mr. Abdur Raheem Quraishi 104 E. Ml. Anisur Rahman Qasmi 108 F. Ml. Qari Mohd. Usman 114 Mansoorpuri III. Contributions Sub – Theme : Concept of Economic Advancement in Islam 11-Economic System of Islam: India Dr. M. Nijatullah 119 and Muslims Siddiqi 12-Islam and the Wealth Ml. Badrul Hasan 132 Qasmi 13-Interest Free Economy in the Dr. A Haseeb 140 Context of Global Economic Crisis 14-Economic Development in Dr. Ausaf Ahmad 150 Islamic Perspective Revisited 15-Role of the Fiqh Academies Dr. Khursheed Ashraf 187 Towards Strengthening the Iqbal Islamic Economic System Sub - Theme : Islamic Banking & Finance: Some Issues 16-Islamic Banking – Theory and Mr. Ehsanul Haq 195 Practice of Indian Banking in the Light of Laws 17-Road Map to Create Space & Mr. H. Abdur Raqeeb 227 Scope for Islamic Banking in Indian Legal & Regulatory System 18 - Islamic Banking in Non-Muslim Dr. Waqar Anwar 254 Countries and its possibilities in India 19- Feasibility of Islamic Banking in Dr. M I Bag Siraj 264 India 20-Islamic Banking & Poverty Mr. Syed Zahid 278 Alleviation among Indian Muslim Ahmad 21-Islamic Banking in India: Dr. Mir M. Amin & 289 Problems & Prospects Dr. N. Z. Quraishi 22-An Empirical Study of Mr. Shah Abdul 305 Performance of Islamic Banks in Hanan and Mr. M. Bangladesh with special reference Fariduddin Ahmad to Islamic Bank Bangladesh Ltd. 23- Some Thoughts and Suggestions M. H. Khatkhatey 341 on Muslim Participation in the Finance Sector 24-Shariah Norms for Investments in Dr. Shariq Nisar 359 Capital Market – A Presentation Sub - Theme: Bringing Economic Development and the Agenda 25 - Scope & Prospects of Economic Dr. A. Afaque Ahmad 373 Inclusion of Muslims in India Faizi 26-Financial Risk Tolerance among Dr. Valeed Ahmad 380 Muslims: A study of employees at Ansari Aligarh Muslim University 27-Economic Backwardness of Mr. Arshad Ajmal 412 Indian Muslims: Causes and Remedies 28-Community Empowerment: An Mr. Mahtab Alam 419 Agenda for Action Sub– Theme : Opportunities for Muslims in Employment & Industries 29-Employment in Public and Private Khawja M. Shahid 427 Sectors: Opportunities and Challenges 30-Unorganized/Private Sector and Dr. Masood Ali Khan 432 Opportunities for the Economic Upliftment of the Indian Muslims 31-Economic Advancement & Dr. M Y Khan 442 Opportunities of Employment for Muslims Status, Issues & Measures for Solutions 32-Employment Opportunities for Dr. Malik Rashid 455 Muslims in Public and Private Faisal Sector: Assessment and Analysis Sub -Theme: Islamic Institutions for Welfare & Poverty Alleviation 33 - The Existing Indian Waqf Laws Mr. Abdur Rahim 471 Appraisal & Suggestions Quraishi 34-Protection of Awqaf Dr. Mufti Zahid Ali 487 Khan 35- Role of Zakat in Alleviation of Dr. Rahmatullah 492 Poverty among Muslims in India Prologue The well known backwardness of Indian Muslims and the outcome of Sachar Committee Report in that regard has prompted the Islamic Fiqh Academy (India) to convene an International Seminar on the theme “Economic Advancement of Indian Muslims: The Situation and Scope” on 24-25 October 2009 at Hamdard Convention Centre, Jamia Hamdard, New Delhi. It was inaugurated by the renowned Islamic economist Dr. M. Nejatullah Siddiqui, who had been conferred Shah Faisal International Award for his contribution in the field of Islamic banking and finance. The seminar was joined by well known dignitaries, Ulama, scholars, social activists and community leaders of the country and a contingent of foreign delegates. The deputy chairman of Rajya Sabha (Upper House of the Parliament) Shri K. Rahman Khan assured his participation as the chief guest of the programme but due to some urgent matter he could not join it in person, instead he sent a detailed message for compensating the inability. The minster of minority affairs of the central government Shri Salman Khurshid addressed the valedictory session in a very stimulating and thought provoking way and assured his Economic Advancement of Indian Muslims: The Situation and Scope 11 every cooperation for any cause undertaken for the economic progress of the Muslim community. The other eminent delegates comprise Maulana Dr. Sayeedur Rahman Azmi Nadvi, the chancellor of integral University Lucknow, Maulana Badrul Hasan Qasmi, Maulana Kaka Sayeed Ahmad Umri, Maulan Qari Mohammad Usman (Deoband), Dr. Ausaf Ahmad, Dr. Rahmatullah (Mumbai), Mr. Ahsanul Haq, Dr. Waqar Anwar, Mr. Khwaj M. Shahid, Dr. M. Y. Khan, Dr. Masood Khan, Dr. A. A. Faizi, Dr. Mufti Zahid Ali Khan (Aligarh), Mr. H. Abdur Raqib (Chennai), Mr. Abdul Rashid Agwan, Dr. Khalid Shoib, honorable Badr Faleh Al-Azmi, Sheikh Badar Sulaiman Al-Sinin, Mr. G. N. Qazi vice chancellor Jamia Hamdard, Mr. Kamal Farooqui Chairman Delhi Minority Commission, Mr. Abdur Rahim Quraishi General Secretary All India Muslim Personal Law Board, Maulana Anisur Rahman Qasmi Nazim Imarat-e- Shariah, Maulana Safdar Zubair Nadvi, Mr. M. H. Khatkhatey, Dr. Shariq Nisar, Mr. Arshad Ajmal, Mr. Mahtab Alam, etc. In this seminar around 30 highly relevant papers were presented and discussions were held on points raised in the said contributions. In this presentation most of the papers, views and comments delivered during the seminar have been included. Presentations in Urdu have been translated for giving a complete sketch of the ideas and suggestions that came out from it. We are thankful to Mr. Abdul Rashid Agwan who has edited this rendering along with his useful introduction Economic Advancement of Indian Muslims: The Situation and Scope 12 which not only summarized key issues of the seminar but also framed suggestions for future activities. The editor has grouped concerning papers according to the sub-themes of the programme and also formed one section as ‘Key Thoughts’ on the formal views as expressed by dignitaries in the inaugural and valedictory sessions. May Allah accept this humble effort of the academy in putting on record some concrete views regarding the situation and scope of economic advancement on Indian Muslims and may He guide us all for making the Muslims a proud community of the country! Amin! Khalid Saifullah Rahmani General Secretary Islamic Fiqh Academy (India) Economic Advancement of Indian Muslims: The Situation and Scope 13 Economic Advancement of Indian Muslims: The Situation and Scope 14 Introduction Economic development is one of the core themes of Islam. Contrary to the common perception regarding any religion, Islam vigorously guides on several mundane affairs including the economic sphere of human activities. This particularity of Islam could have never been understood well in any era than now. With the growing realization of inadequacy of vogue theories and practices in dealing with complex economic matters in a globalized world and proven sustainability of some Islamic institutions during critical times, such as the present recession, a variety of Islamic tenets are being revisited by academics, policymakers and executives engaged in economic development of human society for exploring their relevance today. The context of economic principles of Islam also arises in the contemporary world due to rampant impoverishment of Muslims in various parts of the world. India is no exception. Here too, a paradoxical reference to the ‘Islamic economics’ is being currently made to the Islamic banking and finance on the one hand and on the other to the glaring economic backwardness of Indian Muslims even after six decades of Independence and democratic governance. Some impart blame on Islam that it comes in the way of economic advancement of Muslims whereas others think that the faith could be used as a motivating force for this purpose. Votaries of both the views do exist and they pursue their respective cause in a mutually Economic Advancement of Indian Muslims: The Situation and Scope 15 unconvincing manner. This calls for underscoring a number of issues for a better grasp of the situation and suggesting policy implications on them. There is a cumbersome list of such issues which demands sincere intervention on the apart of both the state and the community. They comprise inter alia , equitable growth, lack of motivation for ‘worldly’ things, lack of information and facilitation
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