Jamat Islami Hind Maharastra has organized a seminar at Universities, Colleges and Business Institutes in Maharastra to aware people about interest free banking and Finance. Prof Irfan Shahid, an expert on Interest free finance has lectured on the need and importance of Interest free Banking and Finance at various universities and colleges. During the lecture at colleges and business schools it is realized that some people have belief that Interest Free Finance is solely for Muslim. Prof Irfan Shahid removed the misconception about Interest Free baking and Finance. He told that Islam is a religion of peace and harmony for everyone; likewise Islamic Banking is also for everyone.
There is no description in Interest Free banking. People of every caste, ethnic and religion can use the services offered by Islamic Finance. More than 40% Businessmen and professionals engaging in Islamic Finance industry are Non-Muslim.
Entire World is benefiting from Islamic Finance. Islamic Finance Industry has tremendously grown in a short span of time. It has reached more than 72 countries of the world. The present growth of Islamic Finance has been estimated annually between 15% to 20%. Currently more than 500 financial institutions are engaged in Islamic Finance Business and most of them are domiciled in Gulf, Middle East and Europe. Countries like Malaysia, Bahrain, Dubai and London have become the hub of Islamic Finance. Many emerging economies like China, Shri Lanka, Indonesia and Pakistan are opting for Islamic Finance as a parallel financial system.
India needs Interest Finance for the development and growth. There is a lot of financial exclusion in India which could be removed through Interest free or equity base finance. India as emerging economy requires a huge capital for long term investment. Interest Free Finance can meet the capital requirement of the country.