L-R: Dr. Mohd. Manzoor Alam, Chairman IOS & President Indo-Arab Economic Co-operation Forum, Mr. Mohd. Ali Ashraf Fatmi, Hon'ble Minister of State for HRD Government of India, Hon'ble Justice A.M. Ahmadi, Former Chief Justice of India, Smt.Sheila Dikshit, Hon'ble Chief Minister of Delhi, Mr. Krishna N. Narnolia, Chairman, Eastwind Capital Advisors Pvt. Ltd.
IOS chairman and Indo-Arab Economic Co-operation Forum president Dr. Mohammad Manzoor Alam was present to mark the historic occasion along with Union Minister of State for HRD Mr. Ashraf Ali Fatmi and former Chief Justice of India Justice A.M. Ahmadi.
Mr. Shailendra Kumar, Mr.Ravi Kishore, Dr. Ausaf Ahmad, Prof.Z.M. Khan, Dr. Mohd. Manzoor Alam, Mr. Mohd. Ali Ashraf Fatmi, Hon'ble Minister of State of HRD, Justice A.M. Ahmadi, Smt. Sheila Dikshit, Hon'ble Chief Minister Delhi, Mr.Krishna N. Narnolia, H.E. Mr. Larbi Moukhriq Ambassador of Morocco, H.E. Mr. Mohamed Ali M. Daher Nsour, Ambassador of Jordan, Mr.Hussain Abdullah Khulob First Secretary, Embassy of Yemen and Mr. Mazahirul Haque
This single move is expected to boost Shari'ah -compliant investment in India. The Indian market is ranked among the 10 largest global capital markets and has the potential to absorb large investments for the Arab-Islamic world.
This pool of investments in the capital market is hoped to cross $ 1 trillion mark by 2010. By developing Shari'ah -compliant institutions and financial products it would be possible to participate in the growing Indian market.
Out of several thousand listed companies in India the India Islamic Index comprises 646. The Index, which is also called EW India Islamic Index, is a subset of EW All Shares Index which covers 99.5 percent of the total market capitalisation in India, that amounts to (in Indian rupees) Rs. 55,56,880 crore.
A View of Audience
Western capital market consultancies have estimated the number of Shari'ah -compliant Indian companies at 700. However, the EW India Islamic Index has looked more closely at the companies to find hidden elements that could violate Islamic prohibition on investment in gambling, pornography, hotel, interest-bearing transactions and tobacco. There is a prohibition on sugar industry also because a byproduct of it is rum, which is a strict no-no in Islam.
Dr. Mohammad Manzoor Alam has said that this landmark achievement is a continuation of a long struggle to open up the investment market for Muslims worldwide, "a market that does not demand moral and religious compromises from Muslims in exchange for economic prosperity".
Dr. Alam says that the first major step forward was taken on November 13-14 at an international conference on "Indo-Arab Relations: Partnership in Development", in New Delhi followed by another conference on "Participatory Banking for All: A Business Proposition", held on August 31-September 1, 2007 in New Delhi.
Smt. Sheila Dikshit, Hon'ble Chief Minister Delhi & Dr. Mohd. Manzoor Alam, Chairman IOS visiting the IOS publication stall with the media.
These two conferences were attended by the Hon'ble Prime Minister, Vice President, Finance Minister, Deputy Chairman Upper House of Parliament, a host of Central ministers, ambassadors, apart from leading industrialists, economists, jurists, bankers and academics from India and the Arab world.
During the Conference on Participatory Banking a need was felt to have an India Islamic Index comprising Indian publicly listed companies which are Shari'ah -compliant. The Index would help in tracking the investment potential in India.