By SM Fasiullah for TwoCirlce.net,
Hyderabad: Cooperation among Muslim businessmen is needed for success and prosperity, opined Dr Rahmathullah, HoD of Business Studies department at Mumbai University, in Spring of Islam conference today.
“Cooperation is in the human nature. Various organs cooperate with each other for the body to work effectively,” he said while addressing a gathering of over 1,000 businessmen.
H Abdur Raqeeb delivering presidential speech at 'Businessmen Session in Spring of Islam Conference in Hyderabad on 13 January 2013.
He noted that Muslims in India have the opportunity to do businesses through cooperative societies as Islamic finance and banking are yet to get green signal.
Patel Mohammed Yousuf, Chairman of Hijaz Leather Pvt Ltd., recalled notable Muslim entrepreneurs and pointed out at their qualities of trustworthiness and transparency.
Responding to a query on business related Fiqh issues, Maulana Mohiuddin Ghazi Falahi Madani said share purchase and sale is allowed, but suggested to consult Islamic banking experts before buying shares.
MH Khatkhatay, an IIM Mumbai alumnus and advisor to Bangalore-based TASIS provides guidance on investment related matters, while Dr Shariq Nisar can also be approached for queries on Islamic finance.
In the presidential speech, H Abdur Raqeeb, Convener of Indian Centre for Islamic Finance (New Delhi), noted that Prophet Muhammad (pbuh) encouraged Muslims to do business, and standardized then existing market rules while also appointing market inspectors.
He urged Muslim women “to come forward and explore business opportunities under the purview of Islamic Shariah”.
Raqeeb stated NRIs from Hyderabad can play a prominent role in helping thousands of poor people living in over 400 slums in the city territory.
He called upon them to work in cooperation with locals and NGOs to fulfil basic necessities of these poor citizens.