Dr Fazlur Rahman Fareedi (Faridi) is no more!

Eminent Islamic Scholar, Ideologue and Islamic Economist, Dr. Fazlurrahman Faridi expired today (monday, 25th July 2011) morning. (Inna lillahi wa inna iliaihi rajiiwoon.) Namaz-e-Janaza and Tadfeen will be on 26th July 2011 at 8:30 AM at Aligarh.

Dr. Faridi has been the member of Markazi Majlis-e-Shura of Jamaat, Editor of Zindagi-e-Nau, Director Research and Study, and has been on board of many trusts and organisations. He wrote many books on Islamic Economic, and on the ideology and strategies of Tahreek in India.

His books on general economics and Islamic Economics are:
1. Nature and Significance of Economic Activity in Islam.
2. Towards a Theory of Fiscal Policy in Islam.
3. Economic Developments and Islamic Moral Values.
4. Essays in Islamic Economic Analysis.
5. Islamic Economics and Economy of Indian Muslims.
6. Living as a Muslim in a Plural Society.
7. Economic Development and Fiscal Policy in Egypt.
8. Indian Economic Development and Planning (1951-1965).
Dr. Faridi was born on 2nd April 1932 in Machli Shahar, Jaunpur, Uttar Pradesh. He got Primary Education, high school and intermediate from Jaunpur. He learnt Arabic and Islamiat from Rampur. He did Masters in Economics and Ph.D. from Aligarh Muslim University. He retired as Professor of Economics after a long career in research and teaching in India and abroad.

More Here and Here

H Abdur Raqeeb writes:  

May Allah grant him Jannah

Dr Fazlur Rahman Faridi, was the Chairman of Indian Centre for Islamic Finance-ICIF, New Delhi which is spearheading and striving the cause of Islamic Finance and Banking in our country. One year ago, when he was in the hospital he inaugurated the website of the organization viz., www.icif.in, which is extremely popular and seen in over 50 countries of the world. (News of the launching ceremony Link Here)

When RBI constituted a Working Group in 2005 to study the feasibility of Islamic banking instruments, he was the chief convener of an international conference by JIH, entitled- Equity & Justice: Message of Islamic Banking in FICCI Auditorium which provided an impetus to the activities increasing awareness among the masses, madarsas and mainstream media and the regulators, the need and relevance of Islamic Finance and Banking in our great country.

May Allah grant him Jannah

H Abdur Raqeeb, General Secretary, ICIF in email.

"Islam has the most egalitarian system,” says Prof. Vyas

Noted economist and Prime Minister's Economic Advisory Council member V. S. Vyas on Monday called for giving an “ethical orientation” to the planning process by adopting moral principles common to all religions to ensure equitable growth and address distortions of the modern economic system.

Addressing a dialogue on “Ethical issues in planning and development” at Yojana Bhavan here, Prof. Vyas said Islamic economic principles could provide answers to some of the serious challenges of modern economy advocating limitless production and consumption which “invariably leads to poverty, deprivation and exploitation”.

“Among all religions, Islam has the most egalitarian system of equitable distribution of wealth to benefit the poor and the needy through Zakat and Sadaqat,” said Prof. Vyas, adding that this financial arrangement needed to be further explored to find out the scope for its adoption in the mainstream economy.

Prof. Vyas' remarks came as a pleasant surprise to the advocates of Islamic economy and banking who have been requesting the Union Government for a long time to introduce the system on an experimental basis for those unwilling to subscribe to the interest-based economy which is perceived as promoting usury and exploitation.

Zakat, which is one of the five pillars of Islam, comprises alms giving of 2.5 per cent of one's possession every year as a welfare contribution to poor and deprived Muslims. Its payment is mandatory on four categories of items – farm produce, livestock, trade and commerce merchandise, and gold and silver. Sadaqat are voluntary charities over and above Zakat.

Prof. Vyas, who is also Deputy Chairperson of the Rajasthan Planning Board, said the ethics should be implemented at the macro level, going beyond individuals, to help the development paradigm include all marginalised groups of society: “We need to ensure that the [growth in] gross domestic product is actually reflected in the country's development.”

Alternative model

Policy planners, academicians, economists and experts attending the dialogue also examined the feasibility of “relative economics” propounded by the late Jain Terapanth scholar Acharya Mahapragya as an alternative model for providing a humane face to development. The model envisages sustainable development through equitable distribution of resources.

Jain Vishwa Bharati University Vice-Chancellor Samani Charitra Prajna said the “greed in various forms” was the main cause for deviation from ethical norms and the humanity could not progress without morality and moderation. These values should be taught to youngsters as early as possible in their lives for changing their hearts and minds, she added.

More Here

Read : ICIF launches website on Islamic Banking and finance
Read More here. To visit the site on Islamic Banking click here. 
Read : Islamic Banking would fetch $500 billion for India  
Read :  When London, Tokyo, Singapore and Hong Kong can become hub and house of Islamic Finance why not Mumbai or Cochin? 
Read : Introduce Islamic Banking to save the farmers of Vidharba, says M S Swaminathan 

Read : 10 point programme for Islamic Banking in India!

ICIF launches website on Islamic Banking and finance

Dr. Fazlur Rahman Faridi , Chairman, Indian Centre for Islamic Finance launched the website – www.icif.in and expressed his appreciation on the work done on the website and hope that people in India and abroad will utilize this facility. Further he added that:  it will create awareness among the students, scholars and the regulators about the need and relevance of Islamic finance, which has emerged as a possible alternative after the financial Tsunami in the west.

Dr. Faridi is one of the pioneer in the field of Islamic economics and finance in India. He had completed his Masters in Economics and Ph.D from Aligarh Muslim University. He was Professor in Economics in Aligarh Muslim University and King Abdul Azeez University, Jeddah, Saudi Arabia. He is also the chairman of Indian association for Islamic Economics. He has also guided most of the leading and prominent personalities in the field of the Islamic economics and finance. 

Speaking at the occasion the general secretary of ICIF Mr. H Abdur Raqeeb highlighted the activities of ICIF. “ICIF is striving to present Islamic economy and financial system as an alternative to the prevailing conventional system based on free trade and controlled economic systems. It is on the one hand creating awareness among the masses how Islamic financial system is humane, based on ethics and beneficial to all segments of the society and more particularly the marginalized and unorganized sector. It is networking the individuals and institutions working in this field to collectively present before the regulators, businessmen and the political leaders to accommodate Islamic banking along with conventional banking. For that it has conducted several seminars, workshops and interactive sessions and proposes to produce literature in English and Hindi apart from Urdu to create awareness among the masses,” he said.

And also added that “If London Tokyo, Singapore, Hong Kong and Paris can become hub and house of Islamic Finance and Banking why not Mumbai?”

Among the trustees of ICIF are Dr. Nejajatullah Siddiqui, King Faisal International Prize winner and pioneer of Interest Free banking in the world, Dr. Ausaf Ahmad, Janab Syed Mohammed Jafar, Dr. Rahmatullah, Dr. Shariq Nisar, Janab Syed Gulam Akbar, Dr. Obeidullah, Dr. Waquar Anwar, Janab K M Abdul Salam, Janab Noorullah Siddiqui and Janab Abdul Rasheed.

From a report on the event in Jamaat-e-Islami Hind's website.

Read More here. To visit the site on Islamic Banking click here.

To read the report of the event in Financial Express click here