Ideas for financial inclusion of Indian Muslims Discussed at Harvard
By Kashif-ul-Huda
Cambridge, Massachusetts: Three days 11th Harvard University Forum on Islamic Finance held last month on the subject of Takaful & Alternative Cooperative Finance: challenges and opportunities. The first day, two papers presented at the Forum discussed ways for financial inclusion of Indian Muslims. Abdul Qadir Buhari who is the Chairman of B. S. Abdur Rahman University in Chennai spoke low deposit ratio of credit Muslims (47% vs 74% nationally) as cited in Sachar Committee report. Buhari presented a paper on "Achieving financial inclusion of Muslim minorities Thanks to alternative models of financing cooperative Shari'a-Based", co-written with Blake Gould Marquam Capital Oregan and Saif Ahmed Infinity Consultants Bangalore. In their presentation, Buhari and Ahmed spoke of models they have developed is Shariah compliant and has been with the Indian regulations do not allow Islamic banking. They spoke of three models in the structure of the Joint Group Responsibility (JLG) Mututal Benefit Trust Model, model cooperative credit society and Disbursement Direct Model. When they analyzed the three models under Takaful principles, they found that the first and the last model meets all the criteria. In another session, the team of the Aligarh Muslim University presented a paper on "Micro-Takaful India :. A path to financial inclusion and sustainable development" The document was written by Mohammad Faisal, Asif Akhtar, Asad Rehman and. They proposed a working model for micro-takaful or insurance for members of low-income group. They said that people in this group are not served by a financial company and now a product designed to help them can be a tool for financial inclusion. This product is not only for Muslims. They also talked about ways that this model can work within the existing financial regulation in India
Class :. Muslim World News
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