Pragmatic Wealth Management Pvt. Ltd, a Mumbai Central-basedfirm which gives guidance on how to manage wealth according to Islamic laws is coming up with an academy where educated youth will be encouraged to seek employment and do business in the financial sector where participation of Muslims at present is low.
"Our experts and faculty will educate youth on the Sharia-compliant companies where investment can be done. We are in the process of finalizing the feasibility of such a project," said Imtiaz Merchant, managing director of Pragmatic Wealth Management. "The need for trained professionals on Islamic finance is dire because globally, it is becoming an acceptable mode of investment. And there are enough opportunities for individuals trained in Islamic finance and banking," said Dr M Y Khan, chairman, Pragmatic Wealth Management, and a visiting professor to several reputed organizations, including International Monetary Fund (IMF).
Recently, Merchant called a meeting of noted Muslim clerics and set up Islamic Investment and Finance Board (IIFB) which has members like All India Muslim Personal Law Board's Maulana Wali Rahmani and Hyderabad-based scholar Maulana Khalid Saifullah Rahmani, among others. The IIFB allowed Muslims to invest in stock market, an area most Muslims keep themselves away from. The clerics said that share trading was closer to Sharia than banking and insurance system. Sharia prohibits Muslims to invest in any venture which deals with non-Halal data-x-items like liquor, usury and interest. Sharia-compliant companies can be avenues for not just investment, but even seeking employment for Muslims.
Source: Times of India