‘Islamic financial system solution to meltdown’

March 29th, 2009 - 8:35 pm ICT by IANS  

Aligarh, March 29 (IANS) Greed and individualism must give way to a cooperative approach of Islamic financial system to rid the world of the current economic meltdown, a renowned Muslim scholar said Sunday.
Nejatullah Siddiqui, the scholar, was speaking at the inaugural session of the conference on Islamic Finance and World Economy organised by the Department of Business Administration, Aligarh Muslim University in collaboration with the Taqwaa Advisory and Shariah Investment Solutions (TASIS).

Siddiqui observed the main causes of the current financial crisis were the absence of ethics and morality.

“Man must learn to live in moderation in view of the limits our environment imposes. Moderation in pursuit of material gains and in consumption has been part of the teachings of religions in general and Islam in particular. It is time to bring them in.”

He said the international financial institutions - like the IMF and the World Bank - were the tools to serve designs of the rich and powerful nations.

Chief investment officer of Bajaj Allianz Shashi Kushanan highlighted the scope of Islamic finance and the ethical and moral approach of Shariah based investments.

He said India has Shariah compliant stocks more than any other Islamic country. More than 50 percent of the people investing in these stocks are non-Muslims, he said.

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