One-Day Open Dialogue on Islamic Microfinance and SMEs Held in Hyderabad

Hyderabad : A one-day Open Dialogue on “Islamic Microfinance and Small and Medium Enterprises (SMEs) in India” was organised at White House Garden, Shamshabad, Hyderabad, bringing together experts and stakeholders from India and abroad to deliberate on the prospects and challenges of interest-free finance and entrepreneurship.

The programme was organised by Maarefa Academy, India, an educational platform working to provide accessible and quality education and training in the field of Islamic finance. Experts in economics, banking and microfinance participated in the programme, while several speakers also joined online.

The first session focused on Islamic Microfinance. The session began with opening remarks by Dr. Prof. Shariq Nisar, former Visiting Fellow at Harvard Law School. The formal proceedings commenced with the recitation of the Holy Quran by Ikram-ur-Rahman Falahi, who joined the programme from Abu Dhabi.

Usama Khan introduced Sahulat Microfinance Society and explained its efforts to promote interest-free microfinance in India and support Muslim traders, industrialists and aspiring entrepreneurs through financial guidance and economic development initiatives.

Muhammad Saleem Qazi, Managing Director of Bait-un-Nasr, spoke about the organisation’s history, objectives, development and present activities. He said Bait-un-Nasr was established in Mahim, Mumbai, through the efforts of M.H. Khatkhate, with the objective of providing interest-free financial assistance to members of the Muslim community and other needy people.

He said the organisation currently operates 9 active branches across Mumbai, Thane and Mumbra and is moving towards greater use of modern technology and fintech. Its services include interest-free savings accounts, gold loans and Hajj and Umrah savings schemes.

Dr. Imad Ali, founder of Maarefa Academy, introduced the academy and spoke on the importance of human dignity and self-reliance. He emphasised that earning through one’s own efforts is preferable to depending on others and highlighted the principle that the giving hand is better than the receiving hand.

Dr. Shariq Nisar subsequently spoke on the need for microfinance, observing that one of its major objectives is to help low-income communities overcome poverty by providing them access to financial resources and opportunities.

Ikram-ur-Rahman Falahi, Head of Shariah Structuring at Abu Dhabi Islamic Bank, gave a detailed overview of Islamic banking, Islamic finance and Islamic microfinance from a Shariah perspective. He elaborated on Shariah, its objectives and its scope in financial and economic activities.

The session concluded with Iqbal Hussain, regional representative of Sahulat Microfinance Society, introducing Sarwat Research and Development Foundation and explaining its model and services. He said the initiative was launched through the efforts of Jamaat-e-Islami Hind with the objective of promoting financial self-reliance through a cooperative model providing interest-free microfinance.

The second session focused on Small and Medium Enterprises (SMEs). Zaid Rizvi, representing Rehbar Financial Services, outlined the organisation’s background, business philosophy, financial model and achievements. He said the institution was established to develop alternatives to interest-based financing and investment and to connect investors with businesses seeking fair, equitable and alternative financial solutions.

Question-and-answer sessions were held at the conclusion of each session, providing participants an opportunity to raise questions on Islamic microfinance, Islamic banking and related financial issues.

In his concluding remarks, Dr. Imad Ali, founder of Maarefa Academy, thanked all the guests, experts and participants for their presence and active involvement. He expressed hope that the discussions and ideas exchanged during the programme would contribute to the promotion and development of Islamic microfinance and Islamic banking in India.