From correspondents in Uttar Pradesh, India, 10:01 PM IST
The Aligarh Muslim University is to start a course in Islamic banking and finance from the next academic session, according to university officials.
The course, initiated after an increasing demand for trained personnel in the Islamic banking, will be offered by the Department of Business Administration, the officials said.
Besides post-graduate (PG) diploma in Islamic banking and finance, the university also intends to start a PG diploma in Islamic insurance and two-year master's in Islamic finance.
Islamic banking refers to a system that complies with the Islamic law (sharia) and guided by Islamic economics. Islamic law prohibits the collection and payment of interest. The law also disallows investing in businesses that are considered unlawful, or 'haraam', like selling alcohol or pork, or businesses related to pornography.
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There are good tenets of Islam like usury never being treated as permissible, and discretionary handling of needy people depending on genuineness with low interest rates, and thelike. The AMU may be complimented on introducing Islamic banking as a positive contribution among its portfolio of activities.
This is a good start for AMU to offer courses in Islamic Banking and Finance including Takafful. Now AMU is left behind in this race despite the fact that first such publication was done by an AMU academic in seventies. The author was not appreciated and he decided to leave AMU and people in other parts of the world made good use of him. Anyway, it is better than never. Let us help to grab the opportunity despite the fact that AMU is very late starter. Khaliq A.
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