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Towards Academic Contribution of India to Islamic Banking and Finance

The paper shall review the contribution of Indian Academic Institutions in the discourse of Islamic Banking and Finance. The subject, “Islamic Banking and Finance”, is nowadays most widely discussed and deliberated by the economists. Its subject matter, varied dimension as well as its implication thoroughly visited and revisited. The world witnessed the emergence of Islamic Economics in the mid twentieth century. This Islamic Economics was generated as an alternative to the prevailing economic thought. As the few decades elapsed, the Islamic economists’ established different international economic institutions related to academics and corporate sector. A decade or more preceding the emergence of India and Pakistan as nation-States, the movement of formulating distinctly economic doctrine theoretically saw its birth in the Subcontinent. It was the period of imperialism and colonialism, and the Muslim scholars and intellectuals saw in it a threat to the future of Islamic culture and civilization. It was primarily this factor which forced Muslim intellectuals of India to establish distinctly Islamic doctrines, which covered discipline of Islamic Economics as a part of a wide response to this threat. In the early phase its most prominent promoter was Mawlana Abu ‘al A‘la al-Mawdudi (1903-1979). In the next phase Nejatullah Siddiqui (b.1931), Muhammad ‘Abd al-Mannan (b.1938), Muhammad Umer Chapra(b.1933), and others are most prominent, prolific and influential contributors to this discipline. It was because of their efforts that a need was felt to introduce this discipline in academic institutions. In order to fulfill this dire need, different academic institutions in India have started courses in Islamic Banking and Finance.

 

At global level in West as well as in East, particularly Middle East, Pakistan, South East Asia etc, academic institutions provide MBA, M.Sc. and even Ph.D. to cater the dire need of Islamic financial experts who could serve the global Islamic finance industry.

 
Author Mohammad Dawood Sofi
Designation PhD Research Scholar, AMU
Email ID sofidawood@gmail.com
Date 02-04-2015
  • The Nature and Principles of Islamic Economics.
  • Basic Economic Measures in Quran and Hadith.
  • Islamic Banking and Finance.
  • Islamic Finance.
  • Accountancy with Computer Application (tally).
  • Functional Arabic.
  • Modern Banking, Finance and Insurance.