The State of Economy and Islamic Finance  in India with Special Reference  to Career Prospects

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The State of Economy and Islamic Finance in India with Special Reference to Career Prospects

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Chennai: A seminar on “The State of Economy and Islamic Finance in India with Special Reference to Career Prospects” was organized jointly by the IOS Chennai Chapter, PG Department of Commerce, The New College and Organization of Muslim Educational Institutes and Associations of Tamil Nadu (OMEIAT) on Saturday, October 14, 2023, at MIIT Auditorium, The New College, Chennai.

The Chief Guest and other dignitaries including Janab H. Abdur Raqueeb Sahib, Indian Centre for Islamic Finance were honoured.

Mohamed Haneef Katib, Coordinator of, IOS Chennai chapter introduced the Institute of Objective Studies (IOS). He then introduced the keynote speaker, Dr. J. Sadakkadullah, who holds a Ph.D. in Economics and an M.S. (Management) from HULT International Business School, Boston, USA.

Dr. J. Sadakkadullah, Former Regional Director of, Reserve Bank of India delivered a lecture on the central theme of the seminar “The State of Economy and Islamic Finance in India with Special Reference to Career Prospects”.

In his presentation, he explained to the audience the state of the Indian economy. He raised the question “What is the critical limiting factor in India’s Development?” He explained in detail the real position of India’s economy. According to the First Five-Year Plan document, ‘An underdeveloped country is one characterized by the co-existence of first unutilized natural resources, second underutilized manpower. So development is hindered due to inadequate capital resources, he observed.

While explaining the state of Islamic finance in India, he quoted the Qur’anic verse ‘Waahallallaahulbai’ awaharramarribaa (Al Quran 2: 275).

It says ‘Allah has permitted trade and has forbidden interest.’ He quoted the point in the RBI Annual Report (2016), which clearly advised the advantage of introducing Islamic Banking in India without using the word Islamic. The report says:

“Some sections of society have remained financially excluded, for religious reasons that preclude them from using banking products with an element of interest. Towards mainstreaming these excluded sections, it is proposed to explore modalities of introducing interest-free products in India, in consultation with GOI”

He explained to the commerce students the opportunities waiting for them in the various sectors, such as Chartered Accountancy, Company Secretaryship, MBA, Financial Engineering (including overseas), IT (TN Naan Mudhalvan Scheme), E-Commerce Digital Marketing, Banking/Finance/ Insurance (BFI sector), Competitive exams etc.

Dr. J. Sadakkadullah stressed the important point that it was a must for all students to appear for Competitive Exams. He pointed out that by passing Competitive Exams only, students could join top positions such as IAS (UPSC), Dy. Collector (TNPSC), Dy. Governor (RBI Services Board), National Recruitment Board (SSC/IBPS/RRB), National Defense Academy/Services Selection Board, etc.

To achieve these high-ranking positions, students must have determination, dedication, clear goals, hard work, and passion, he said.

He explained to the students the different stages of clearing Civil Service Exams. The Three stages involved were the Preliminary Examination Qualifying in Nature, the Main Examination Merit, and the Interview Merit.

He advised the students to take advantage of the services of Ikhlas IAS Academy, Chennai, of which he was presently the Director of the Academy, he informed.

The program was followed by a lively Question and Answer session.