Indian Institute of Management (IIM) Kashipur has launched a two-day management development programme on Islamic Banking and Finance.
The programme is the first of such executive course to offer Islamic Banking and Finance.
“I am sure the choice of the present programme on Islamic Banking and Finance (IBF) is a very relevant exercise to build professional capacity among the interested participants in this area,” Ninong Ering, Minister of State for Minority Affairs, today said while inaugurating the programme.
The two-day course is for senior bureaucrats, officials of financial institutions, lawyers, academicians and bankers.
Under the Islamic banking norms, depositors do not get interest on deposits, nor can the banks charge interest to its borrowers. Banks can invest the money, but keep off taboo areas like liquor, tobacco and gambling or speculation.
The global IBF industry is centred in the Gulf region and Malaysia and is experiencing double-digit growth rates as it expands to new growth areas in Africa, Europe, South Asia and South East Asia.
The Islamic banking system is present in 75 countries with a total size of about $2 trillion.
“India is one of the countries expected to lead the next growth phase ... and also given that a lot of Sharia compliant investments are looking to be invested in Indian companies and infrastructure projects,” said Professor Baharul Islam, Chairperson (Planning & Development) and Programme Director.