All India Muslim Development Council (AIMDC) organised the All India Financial Institution Meet – 2022 at Islam Gymkhana on 3rd & 4th of December. The Meet was attended by CEOs, Directors and representatives of several Cooperative Societies, Mutual Funds, Nidhi Companies, NBFCs, Wealth Management Companies, Registered Investment Advisors, Broking Houses and Fintech Companies. Mrs. Uzma Naheed Presidium member of AIMDC was also present on both days.
The Inaugural Session of the meeting was addressed by Mufti Ashfaq Kazi, Mr. H R Raqeeb, Mr. M H Khatkhatay & Mr. Mohamed Imthiyaz, the General Secretary of AIMDC. All the speakers created a context and the need for such a meet of prominent Financial institutions working for the minorities and underprivileged section of society.
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Mufti Ashfaq Kazi spoke about the importance of knowing not only the source of income, but also the way the income earned is spent and if both are ethical or not.
Mr. Abdul Raqeeb gave a historical perspective of Islamic Finance in India and M.H.Khatkhatay spoke about the scope and opportunities of working in several possible ethical formats in India including co-operatives societies, wealth management companies, Nidhi companies, NBFCs, etc
The next session was a panel discussion on the Insurance sector, and what are the available options in the Shariah framework. Mufti Yahya Moin explained the difference between Takaful and Conventional Insurance, both Life and General. He gave some practical solutions to avail insurance and protect our families’ health and thus save our wealth. Ms. Vrushali Vengurlekar from Uplift Mutual explained how they work on the pattern of Mutual Insurance to reach out to the poor and under-priviledged sections of the society.
Panel discussion of Cooperative Banks, Credit Cooperative Societies, Muslim funds, NBFCs & Nidhi Funds.Post Lunch panel discussion was conducted by Mr. Salman Ahmed for the Wealth management institutions which was addressed by Mr. M.H.Khatkhatay from TASIS, Mr. Shabbir from Sensage, Mr. Prasanna Pathak, The CEO of Taurus Mutual Fund, Mr. Nadeem Merchant, Faculty of Allana Institute of Management Science and Mr. Vaibhav Shah, a senior Manager from Motilal Oswal. Various concepts and ideas were shared by the speakers about the way their particular entities and industry segments work.
A panel discussion of Lending Institutions like Credit Cooperative Societies, Multistate Credit Cooperative Societies, NBFCs & Nidhi Companies was conducted by Dr. Shabbir Mushtaq. The panelists were Dr. Shariq Nisar, Principal of Rizvi Institute of Management Studies, Mr. Salim Kazi of Bait – Un – Nasr, Mr. Iftekhar Rahi of ECW Consultants owners of the brand Assetify, Mr. V Athiqurrahman of Janseva Multistate Credit Cooperative Society. A compelling discussion was carried out to understand the working of the lending institutions better.
NUQI Wealth a wealth management platform was presented to the audience by Mr. Imran Farooqui, the CEO of the company.
A very unique brainstorming session for Solutions to challenges for Financial Institutions was conducted by Dr. Irfan Lakhani who is also a faculty of the Allana Institute of Management Studies, in which the participants explored the various solutions to specific problems faced by each segment amongst the lending institutions and wealth management companies. After this session the participants spent quality time networking over a sumptuous dinner spread out on the terrace of Islam Gymkhana, before retiring for the day. On day two of the two-day conference, the outcomes of the brainstorming session was presented by the leaders of the four groups and Mr. V Athiqurrahman very eloquently explained the problems and solutions of the lending institutions right from using financial technologies, to practicing fiduciary, to creating awareness amongst the masses and training relentlessly the staff as well as the management of the institutions to carry out the operations smoothly.
Fintech – The Gamechanger was the topic of the next panel discussion which was addressed by Mr. Imran Farooqi of NUQI Wealth, Mr. Arshad Mirza of ECW Consultants, Sayed Kamran Razvi of TruCard, Mr. Govind Sawant & Mr. Masoud Attarin which the various aspects of using fintech to excel as an institution were discussed. Demo of various softwares were very useful for the audiences for implementing in their institutions.
The need for a Credit Ratings Agency for Financial Institutions was discussed next by Mr. V Athiqurrehman of Janseva and Mr. Shrimohan from NUQI Wealth. Also discussed was the possibility of interbank fund transfers and the name of ICICI Bank emerged as a great tool for facilitating that now, driven by fintech. In the passing ideas for capital growth was also touched upon to make the financial institutions viable through appropriate investments or creating some type of profit centres.
The idea of creating a Federation was mooted on day one itself and the session was concluded by Sayed Zahid Ahmed, Mufti Ashfaq Kazi and Mr. Imthiyaz all coming together to give shape to that idea and guiding the audiences, the practitioners of the Finance Industry to also focus on the social aspects of spending and lending to the poor and the needy without the pursuit of profits and for the sake of Allah alone.