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India taps into participative financing in Asia
BY ASHLY BABU November 20, 2018
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CHENNAI: India is projected to be the 2nd largest economy in the world by 2050 and the country is set to rebound from an economic downsurge following the government’s recent reforms. The country’s upsurge in ease of doing business is a clear indication of this.

The improved business regulations and buoyant tax revenue are bolstering economic growth. Forecast says that India’s GDP will accelerate to 7.3 per cent in 2018 and 7.6 per cent in 2019. Having achieved the status of the third fastest growing economy in 2017, India is indeed ripe with investment opportunities.

The country remained the second most populous nation in the world at 1.3 billion in 2017. Muslims made up 14 per cent of India’s population in 2010 and the country is projected to have the world’s largest Muslim population in 2050 (311 million). In that respect, India will have a vast opportunity to grow in the Sharia’h compliant banking and finance services sector.

“Every country in the world will start to follow Islamic banking very soon and the potential for the Islamic financial banking in this fast developing world, especially in India is very high,” said Tun Musa Hitam, Chiarman, World Islamic Economic Forum (WIEF) Foundation.

He was speaking during the WIEF-UEF (United Economic Forum) Chennai roundtable 2018, held recently in India.

Tun Musa Hitam added: “Islamic finance is being seen as more stable when compared to conventional banking system, and therefore, more appealing to borrowers. We aim to provide a platform to assist businesses and entrepreneurs address economic issues, as well as explore new opportunities, for mutually beneficial collaborations.”

“We are happy to see, over the years, successful WIEF programmes becoming transformational of sorts, to the countries concerned, and providing a useful bridge in promoting trade and economic partnerships between the Muslim and non-Muslim business communities,” continued Musa Hitam.

He said that organising this kind of events in different parts of the world has allowed them to give a regional focus to the issues discussed with the participation of the relevant local and foreign experts.

The WIEF-UEF Chennai roundtable 2018 paved the way for creating more awareness on the availability of alternative and innovative funding opportunities for Indian businesses. The roundtable heralded a new innings in the history of Islamic finance in building Indian business and infrastructure.

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