IOS Chennai Chapter program on “The State of Economy and Islamic Finance in India with Special Reference to Career Prospects”

IOS Chennai Chapter program on “The State of Economy and Islamic Finance in India with Special Reference to Career Prospects”

Chennai: A seminar on “The State of Economy and Islamic Finance in India with Special Reference to Career Prospects” was organised jointly by the IOS Chennai Chapter, PG Department of Commerce, The New College and Organization of Muslim Educational Institutes and Associations of Tamil Nadu (OMEIAT) on Saturday, October 14, 2023 at 11.30 am at MIIT Auditorium, The New College, Chennai. 

The program started with the recitation of a verse from the Holy Qur'an.  Dr. Syed Rafiq Ahmed, Head, Department of Commerce, The New College, welcomed the Chief Guest and the gathering.

Mohamed Haneef Katib, Coordinator, IOS Chennai chapter introduced the Institute of Objective Studies (IOS).  Copies of "A profile of achievements of IOS" were distributed among the audience. He then introduced the keynote speaker, Dr. J. Sadakkadullah, who holds a Ph.D. in Economics and an M.S. (Management) from HULT International Business School, Boston, USA. He was formerly the Regional Director of RBI, in charge of Tamil Nadu and Pondicherry and had oversight of the entire Southern Zone. Previously, he served as Regional Director of RBI for Punjab, Haryana, Himachal Pradesh and Union Territory of Chandigarh. He also served as the Director of the Board of State Bank of Travancore. He has rich academic credentials with 6 completed Research Projects, 25 published papers in various national and international Banking journals. During his career, he visited more than 18 countries. After his retirement in 2016, he serves as a Director on the Board of IDFC Bharath Bank. He is a visiting Faculty at the Loyala Institute of Business Administration and St. Joseph's College, Trichy. He also holds the position of the Director, Ikhlas IAS Academy, Chennai.

The Chief Guest and other dignitaries including Janab H. Abdur Raqueeb Sahib, Indian Centre for Islamic Finance were honoured.

A brief video introducing the OMEIAT (Organization of Muslim Educational Institutes and Associations of Tamil Nadu) covering its vision, mission and the achievements so far was played on the screen.

Dr. J. Sadakkadullah, M.S. (USA), PhD, Former Regional Director, Reserve Bank of India delivered a lecture on the central theme of the seminar “The State of Economy and Islamic Finance in India with Special Reference to Career Prospects”.

In his presentation, he explained to the audience the state of the Indian economy. He raised the question “What is the critical limiting factor in India’s Development?” He explained in detail the real position of India’s economy. According to the First Five-Year Plan document, ‘An underdeveloped country is one characterized by the co-existence of first unutilized natural resources, second underutilized manpower. So development is hindered due to inadequate capital resources, he observed.

While explaining the state of Islamic finance in India, he quoted the Qur’anic verse ‘Wa ahallal laahul bai’a wa harramar ribaa (Al Quran 2: 275). It says ‘Allah has permitted trade and has forbiddeb interest.’ He quoted the point in the RBI Annual Report (2016), which clearly advised the advantage of introducing Islamic Banking in India without using the word Islamic . The report says:

“Some sections of society have remained financially excluded, for religious reason that precludes them from using banking products with an element of interest. Towards mainstreaming these excluded sections, it is proposed to explore modalities of introducing interest free products in India, in consultation with GOI”

He explained to the commerce students the opportunities waiting for them in the various sectors, such as: Chartered Accountancy, Company Secretaryship, MBA, Financial Engineering (including overseas), IT (TN Naan Mudhalvan Scheme), E-Commerce – Digital Marketing, Banking/Finance/ Insurance (BFI sector), Competitive exams etc.

Dr. J. Sadakkadullah stressed upon the important point that it was a must for all students to appear for Competitive Exams. He pointed out that by passing Competitive Exams only, students could join top positions such as IAS (UPSC), Dy. Collector (TNPSC), Dy. Governor (RBI Services Board), National Recruitment Board (SSC/IBPS/RRB), National Defense Academy/Services Selection Board etc.

To achieve these high ranking positions, students must have determination, dedication, clear goal, hard work and passion, he said.

He explained to the students different stages of clearing Civil Service Exams. The Three stages involved were Preliminary Examination – Qualifying in Nature, Main Examination – Merit and Interview – Merit.

He advised the students to take advantage of the services of Ikhlas IAS Academy, Chennai, of which he was presently the Director of the Academy, he informed. 

Dr. J. Sadakkadullah concluded his speech with the recitation of Qur’anic verse from Surah-e-Asar, which specify every Muslim to have ‘Patience and Consistency’ to be successful. He prayed that may Allah bless all of us to have faith, do righteous/good deeds, engage in mutual teaching of truth and patience.

The program was followed by a lively Question and Answer session.

The program concluded with a vote of thanks by Dr. S. Thameem Sheriff, Head, Department of Commerce, Shift II, The New College. Dr. J. Sulaiman, Asst. Professor of Commerce discharged the duties of the Convener of the program.