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“Economic mainstreaming of minorities: strategies and actions” held in Mumbai

Mumbai: 4th All India Minority Business Summit “Economic Mainstreaming of Minorities: Strategies and Actions” was held in Mumbai on Saturday.

A summit was organized in Mumbai to bring the entrepreneurs from the minority communities to a platform to discuss the strategies and actions for bringing the minorities in the mainstream of the society. The summit was organized at Islam Gymkhana, Marine Lines by Bainulaqwami Maeeshat an International business magazine. The program was attended by personalities from different fields to share their views and plan of actions. As said by Chief Guest Mufti A.K Barkatulla “Today, the Muslim entrepreneurs have money and business ideas but still they could not progress and the main reason is the lack of education. We need to focus on educating them about the importance and need banking system. He is Shariah Advisor of Islamic Bank of Britain, UK. The Key speakers of the program were Arun Dolas (Additional General Manager, Index Services of Bombay Stock Exchange), Abizer Deewanji (COO, Bhendi Bazaar Project), Santosh Mansingh (Asst Vice President, National Spot Exchange), Sohail Lokhandewala (Ex MLA), Dr. Shariq Nisar (Director, TASIS), Affan Kamil (Director, Urban Buildcon Solutions Pvt.Ltd.)

The program started with the recitation of Holy Quran by Maulana Afzal Qasmi followed by welcome address of Mr Danish Reyaz, the organizer of the program. Mr Danish Reyaz welcomed the Chief Guest, speakers and all the audience and shared the motive and vision for organizing the program. Dr Shariq Nisar gave the inaugural speech explaining the importance of mainstreaming of minorities. During his speech he shared his good experience with the people and professionals of other communities and how it built into strong relationship. Based on these experiences he suggested infact stressed to have inter-community business relations. This will improve social and commercial relationship and help in bringing the minority in the mainstream of the society. Mr Affan Kamil was the conveyor of the program and he invited the speakers to share their views. Mr Arun Dolas spoke about the BSE TASIS Shariah Index; he outlined the composition and performance of the Index.

He highlighted that BSE TASIS Shariah Index has outperformed its peer index. He stressed the fact that Shariah Index is helpful for the community who doesn’t want to invest in the companies dealing in Interest and other socially harmful activities. Mr Abizer Deewanji presented before the participant his Bhindi Bazar Project and how it is going to change the shape of Bhindi Bazar. The project seems to be very ambitious but he was very confident about the project. Mr Santosh Mansingh explained about the commodity market i.e. online trading of commodities. He emphasized on the Shariah compliant E-series product E-Gold, E-Copper, E-Silver, E-Zinc, E-Nickel, E- Lead, and E- Platinum. He explained how profitable the investment in these E-series product is both ethically and financially. Since these E-series products are free from any Riba and a pure investment in commodity. The unit of these product are traded in demat form and their equivalent quantity are stored in physical form in the Vault of the company.

Mr Sohail Lokhandewala spoke on behalf of Mr Jayant Patil (Minister Finance and Rural Development, Maharashtra) as Mr Patil couldn’t attend the program due the parliament session. Mr Lokhandewala before the audience read the message of Mr Patil, who expressed his regret for not attending program and extended his good wishes and support congratulated for organizing such program.

At the end of the program Chief Guest Mufti A.K Baraktullah shared his views, his words were “Muslim entrepreneurs are unaware of the corporate world and are unregistered businessmen in the eyes of the government. They fear to open Bank accounts and to apply for Pan Card, as they believe that Income Tax Department could stage raid at their home. He further added “A survey in India shows that seven out of the 10 Muslim entrepreneurs does not have pan cards and bank accounts. They hesitate to open accounts with the banks.“ He gave the strategy on how to educate Muslim entrepreneurs. “We need to educate them about Shariah banking, benefits and facilities of having bank accounts and pan cards through financial campaigns in Madarsas,”

Referring to the Muslim clerics, Barkatulla said, “I have visited in different states of India and felt that the imams, religious leaders and Muslim entrepreneurs are unaware of the banking system. Firstly we require educating such clerics before educating the Muslim entrepreneurs.” he added.

On the occasion India’s first Urdu financial magazine “Maeeshat” was also released. Mr Abdul Hamid Abdul Majid Nathani (Managing Director, Nathani Group of Companies) was awarded with the Entrepreneur Excellence Award 2012. The community service award 2012 was awarded to Mr. Zakaullah Siddiqui, President of Islam Gymkhana.

“We want to change the trend and the mindset of Muslim entrepreneurs and their styles. Considering the importance we took the initiative by organizing All India Minorities Business Summit in 2009 in Kolkata. It was a grand success having participants from all across India,” said Danish Reyaz, in his concluding remarks.

On the occasion of 4th All India Minority Business Summit organized by Bainulaqwami Maeeshat; awards were presented to the personalities hailing from the communities for their effort in the upliftment of the community. The awardees were:

• Entrepreneur Excellence Award 2012: Mr Abdul Hamid Abdul Majid Nathani (Managing Director, Nathani Group of Companies). Mr Nathani started his business in 1990; dealing with two segments: Building & Construction and Export of garments. Having approx 100 employees, two ongoing construction projects, he is dynamic and energetic entrepreneur serving the community and the country.

• Community service award 2012: Mr Zakaullah Siddiqui, President of Islam Gymkhana. He is engaged in community and country related different development activities. He is Vice Chairman of Islamic Foundation, Vice President of Indo-Arab Society, Special Executive Officer of Government of Maharashtra, Member of India- Islamic cultural centre (New Delhi) and associated with many other such institutions.

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