IOS Launches Book on Prof. Mohammad Nejatullah Siddiqi’s  Contributions to Islamic Economics

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IOS Launches Book on Prof. Mohammad Nejatullah Siddiqi’s Contributions to Islamic Economics

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New Delhi: The Institute of Objective Studies (IOS) hosted a virtual event to unveil its latest publication, “Mohammad Nejatullah Siddiqi: Life and Contributions to Islamic Economics”. The book celebrates the life and legacy of Prof. Mohammad Nejatullah Siddiqi, a renowned economist and pioneer of interest-free Islamic banking and finance.

In his welcome speech, IOS Secretary General Mohammad Alam described the book as a significant addition to the study of Prof. Siddiqi’s transformative ideas. Edited by Prof. Javed Ahmad Khan, the book comprises essays exploring the multifaceted contributions of Prof. Siddiqi to Islamic economics. Prof. Khan emphasized the need for further research into Prof. Siddiqi’s theories, particularly his efforts to educate madrasa students in financial literacy and his focus on economic justice.

The book was released virtually by Prof. Emeritus Dato Dr. Azmi Omar, President and CEO of INCEIF University, Malaysia. Dr. Omar highlighted Prof. Siddiqi’s ethical approach to economics, describing him as a pioneer who combined faith and reason to address contemporary challenges like poverty and inequality. “His interdisciplinary methods expanded the scope of Islamic economics, making his work a beacon of hope in times of economic and moral crisis,” said Dr. Omar.

Dato Iqbal Ahmed Khan, CEO of Fajr Capital Group, Dubai, shared personal anecdotes about Prof. Siddiqi, recalling his intellectual courage during India’s Emergency in 1975. “His groundbreaking ideas inspired generations of scholars. Prof. Siddiqi believed that faith and reason could work together to serve humanity,” noted Dato Khan.

Prof. Mohammad Ahmadullah Siddiqi, nephew of Prof. Siddiqi, lauded his uncle’s work in presenting a just and fair economic system through Maqasid-e-Shariah. He criticized exploitative capitalist and socialist models and celebrated Prof. Siddiqi’s establishment of an Economic Research Centre in Aligarh as a milestone in Islamic economics.

Prof. Abdul Azim Islahi, a former student of Prof. Siddiqi, reflected on his teacher’s dissatisfaction with existing Islamic economic models and his push for reformation. Prof. Siddiqi’s advocacy for financial literacy and economic empowerment within Muslim communities remains profoundly relevant.

Dr. Aftab Alam of Abida Inamdar Senior College, Pune, praised Prof. Siddiqi’s focus on prohibiting riba (interest) in financial transactions. He discussed Prof. Siddiqi’s contributions to implementing Islamic financial instruments like Mudharabah, Musharakah, and Wakalah.

In his presidential remarks, IOS Chairman Prof. M. Afzal Wani provided historical context for Prof. Siddiqi’s work, emphasizing his ability to balance Islamic economics with the principles of welfare economics.

The event underscored Prof. Siddiqi’s enduring impact on Islamic economics and the need to continue exploring his visionary ideas to address the challenges of modern economic systems.

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