New Delhi, November 19, 2025 — The Enforcement Directorate (ED) on Tuesday arrested Jawad Ahmed Siddiqui, founder and chairman of the Al-Falah Group and chancellor of Al-Falah University, Faridabad. The arrest was made under the Prevention of Money Laundering Act (PMLA), 2002, following extensive searches at several locations in Delhi-NCR.
The development has drawn significant attention within the Muslim community, as Al-Falah University and its charitable trust have long been associated with educational and social upliftment initiatives since their establishment in 1995.
The ED action stems from FIRs filed by the Delhi Police Crime Branch regarding alleged irregular claims made by the university concerning NAAC accreditation and UGC recognition under Section 12(B)—claims which, if valid, could have enabled it to receive central government grants. The UGC has clarified that Al-Falah University does not qualify for such benefits.
Officials say the inquiry revealed possible diversion of trust funds, layering of transactions, and alleged misuse of charitable resources. The ED maintains that crores of rupees may have been routed to family-controlled entities, although the matter remains under investigation and has not yet reached judicial conclusion.
In a parallel development, the probe has intersected with the tragic Red Fort car blast of November 10, which claimed 12 lives. Authorities investigating the unrelated terror case identified three doctors employed at Al-Falah University’s hospital as suspects.
A forensic audit of the university’s finances was ordered to determine whether any trust funds were misused. There is no official confirmation yet that the trust or university leadership had prior knowledge of these individuals’ alleged involvement. Investigations are still at an early stage, and agencies have stressed that conclusions will be drawn only after examining all evidence.
According to ED sources, some contracts issued by the trust may have gone to companies linked to Mr. Siddiqui’s family members. These allegations will be tested in court as the case proceeds.
A local court has remanded Siddiqui to 13 days of ED custody for further questioning.
Community Reaction: Concern but Emphasis on Due Process
The Muslim community, particularly educators and social activists, has expressed concern and sadness over the developments, given the long-standing reputation of the Al-Falah institutions in providing accessible education to underserved students. At the same time, many community leaders have urged patience and stressed the need to allow investigative agencies and courts to complete the legal process.
They caution against premature conclusions and emphasize that individual actions—if proven—should not reflect upon the broader community or the many students and professionals associated with the institution.
India’s economy stands on a foundation built by family-owned businesses and MSMEs (Micro, Small, and Medium Enterprises). Family businesses – often spanning generations – include both Own Account Enterprises (OAEs) and Hired Worker Enterprises (HWEs). MSMEs, with their vast numbers and regional spread, distinguish themselves as the principal drivers of employment, manufacturing, and innovation.
Sector Overview, Economic and Performance Review
Recent data show that family-run enterprises, from micro-retail shops to national conglomerates, account for approximately 70% of India’s GDP and employ about 400 million people – 75% of the nation’s workforce. MSMEs, numbering over 6.7 crore, have contributed over 30% to GDP, driven more than 35% of manufacturing output, and made up a major share of India’s exports (exceeding 45%). In 2025, 20.5% of MSMEs are women-led, reflecting improved inclusive participation, while MSMEs provide 18.7% of all formal employment.
This immense volume reflects not just scale but the enterprise diversity: micro-units account for almost 99% of the MSME sector, while formal small and medium businesses provide the greatest potential for quality job creation. Furthermore, most MSMEs operate as family proprietorships or partnerships, underscoring the deep-rooted legacy aspect of the sector.
Mixed Performance Record
Despite their importance, these enterprises present mixed results. Legacy strengths—deep local knowledge, agility in responding to market changes, and robust family ties—help many firms thrive in competitive, volatile landscapes. However, innovation gaps remain: only 25% of family businesses have fully adopted digital tools and automation, falling short compared to global benchmarks. In addition, succession remains a major risk; just 30% of family firms have formalized leadership transitions.
Access to new markets is limited by informality, fragmented supply chains, and the absence of professional management systems. These factors contribute to the paradox: while jobs abound, many firms struggle to grow beyond household clusters or achieve global competitiveness.
Key Challenges
Family businesses and MSMEs confront several enduring problems:
Leadership and succession: Without structured transition planning, generational shifts often cause disruption and loss of institutional knowledge.
Professional management: Lack of formal business practices, data-driven decision-making, and skilled HR limits growth, particularly for MSMEs seeking to scale.
Capital and credit access: There is a persistent credit gap of more than ₹30 lakh crore ($360 billion), limiting expansion particularly among women-owned and service sector enterprises.
Ability to scale: Most businesses are micro in scale and remain stuck in local or semi-urban clusters, lacking the financial and managerial capital to expand internationally.
What Top Family Firms Do Differently
Leading family firms set themselves apart through robust governance structures, openness to professionalization (hiring non-family experts), and systematic adoption of technology. They benchmark against global best practices – like Tata and Reliance’s adoption of digital tools and renewable energy pivots—and formalize their succession and reporting strategies. This enables greater resilience, adaptability, and long-term growth.
MSMEs at a Glance
MSMEs are critical engines for growth in semi-urban and rural India. Digital transformation is rapidly changing their business models: UPI, smartphones, and social commerce have increased sales and improved access to customers outside local markets. Women-led businesses, too, have benefited from digital finance and sector-specific support, facilitating higher participation rates and greater financial independence.
Opportunities for the Future
Growth strategies for enhanced competitiveness include:
Accelerating digitalization: Digital sales, online platforms, and data analytics empower MSMEs to transcend geographic boundaries.
Fostering women’s entrepreneurship: Targeted policies and digital lending have led to a surge in women-led enterprises, currently representing over 20% of MSMEs.
Diversification: MSMEs are expanding into new sectors such as deep tech, renewable energy, and advanced manufacturing, supported by both private investment and government initiatives.
Unlocking Growth: Participatory Finance
Participatory finance has emerged as a game-changing solution. Unlike traditional loans, which demand fixed repayments regardless of business cycles, participatory finance aligns repayment obligations with actual revenues or profits. This flexibility reduces default risk and supports genuine business growth, especially for businesses with fluctuating incomes.
Core Features of New Finance
Innovative finance structures include:
Hybrid models: Combining revenue sharing, term loans, and equity investments.
Automated repayments: Technology integration allows direct linking of sales data via UPI, enabling real-time tracking and reduced administrative burden.
Transparency and reporting: Digital platforms ensure lenders and entrepreneurs both see clear financial flows, boosting trust and creditworthiness.
Impact Potential: Bridging the Credit Gap
Through participatory finance and digitalization, MSMEs reduce reliance on collateral-based loans, enable non-dilutive capital inflows, and build financial resilience. This addresses the ₹30 lakh crore credit gap and sets the stage for sustainable and inclusive growth at the grassroots.
Case Study: The Wee Cee Fund Pilot
The Wee Cee Fund Pilot, supported by IIMA Ventures, demonstrated the power of participatory finance. By leveraging UPI-based transparency and hybrid loan models, thousands of OAEs and HWEs accessed larger loans, minimizing repayment stress and improving business discipline. Lenders achieved positive IRR (18% annual over three years), while entrepreneurs improved stability and growth, showcasing a scalable win-win approach.
Win-Win for All Stakeholders
Entrepreneurs benefit from flexible capital, retention of ownership, and growth opportunity without fear of default. Lenders get enhanced transparency, disciplined repayments, and attractive financial returns – forming a foundation for scalable financial inclusion.
The Road Ahead
India’s family businesses and MSMEs must embrace professionalization, digital transformation, and participatory finance. Government, institutional, and digital platforms must converge to enable easier access to capital, targeted policy incentives, and modern business support. Blending traditional practices with new financial models will deliver robust, inclusive economic growth – fueling prosperity for millions at every level of Indian society.
Key Takeaways & Discussion
Professionalization, digital innovation, and advanced financing will shape the future competitiveness of Indian MSMEs and family enterprises. Policymakers, financiers, and entrepreneurs must work collaboratively to accelerate these trends and drive inclusive, sustainable growth for the next generation.
Kolkata – Over 65 entrepreneurs and family business leaders gathered at The Siamton Inn yesterday for the “From Heritage to Innovation: Intergenerational Family Business Sustainability Workshop,” hosted by the Maeeshat Foundation and The Sirri Saqti Foundation. The event, themed around blending ancestral wisdom with cutting-edge finance and technology, equipped attendees with tools to sustain family enterprises amid India’s evolving economy. Drawing on Islamic principles of stewardship and ethical growth, the workshop highlighted participatory finance, AI integration, and legacy planning as pathways to resilience for MSMEs and family-owned ventures.
The one-day program featured keynote addresses, panel discussions, and interactive sessions, fostering a collaborative space for India’s entrepreneurial ecosystem. With family businesses contributing 70% to India’s GDP and employing 75% of the workforce, speakers emphasized urgent innovations to bridge a ₹30 lakh crore credit gap and ensure generational success.
Inaugural Session: Setting a Vision Rooted in Faith and Finance
The workshop opened with a warm welcome from Danish Reyaz, Founder of Maeeshat Media, who underscored the event’s mission: “Bridging heritage with innovation to create enterprises that endure, honor family ties, and serve society.” This was followed by Tilawat & tazkeer by Shaikh Zaki Ahmad Madni, Founder and Director of Alhoda International School, Howrah, invoking spiritual reflection on business as an act of ibadah.
Mr. Mohammed Ikhlas of Hamsafar Fashion then set the vision, sharing how his family’s apparel enterprise has evolved from traditional craftsmanship to digital marketplaces, preserving cultural roots while scaling nationally.
Keynote Spotlight: Dr. Shariq Nisar on Unlocking Growth Without Compromise
In the headline address, “From Heritage to Innovation – Sustaining Family Enterprise Across Generations: Unlock Smart Funding Without Losing Family Control,” Dr. Shariq Nisar, Principal of Rizvi Institute of Management Studies and Research, Mumbai, dissected the dual role of family businesses and MSMEs in India’s economic fabric.
Nisar’s presentation, moderated by Dr. Sania Sami, HoD of the Entrepreneurship Cell at Vedanta College, Kolkata, painted a vivid sector overview. “India’s 6.7 crore MSMEs drive 30% of GDP, 35% of manufacturing, and 45% of exports, with 20.5% now women-led – a testament to inclusive progress,” he noted. Yet, challenges loom: Only 25% have adopted digital tools, succession plans exist in just 30% of firms, and a massive credit gap stifles scaling.
Key hurdles identified included leadership transitions, professional management deficits, and limited market access due to informality. Nisar praised top performers like Tata and Reliance for their governance, tech adoption, and renewable energy shifts, urging others to follow suit.
Turning to solutions, Nisar championed “participatory finance” – revenue-aligned models like hybrid loans and equity shares that sidestep rigid repayments. “This isn’t just funding; it’s partnership, reducing defaults and empowering fluctuating-income businesses,” he explained. Features like UPI-linked automated repayments and transparent digital platforms build trust and creditworthiness.
A standout case: The Wee Cee Fund Pilot, backed by IIMA Ventures, enabled thousands of Own Account Enterprises (OAEs) and Hired Worker Enterprises (HWEs) to access larger loans with 18% lender IRR over three years, boosting entrepreneur stability without ownership dilution.
Nisar concluded with optimism: “Digitalization, women’s entrepreneurship, and diversification into deep tech and renewables, fueled by participatory finance, can propel MSMEs beyond local clusters to global stages.” The session sparked lively discussion on collaborative policymaking for inclusive growth.
Balancing Values and Reality: AI as a Family Business Ally
The afternoon delved into “Balancing Family Values with Market Reality,” moderated by Mrs. Afrin Golam. CA Rahim Noor, Founder of FabXL, Kolkata, presented “From Chaos to Clarity – Using AI for Family Businesses,” demonstrating how AI streamlines operations without eroding family ethos. “AI isn’t a threat; it’s a tool for clarity – automating inventory, predicting trends, and freeing time for mentorship,” Noor said, showcasing FabXL’s AI-driven supply chain that cut costs by 25% while upholding halal sourcing.
Mr Ashraf Mohamedy, CMD of Idafa Investment, Mumbai, complemented this with insights on ethical investing, stressing Shariah-compliant strategies to align profits with principles.
Designing Legacies: The 100-Year Enterprise Blueprint
An interactive workbook session, “Design Your 100-Year Enterprise: A Legacy-Building Blueprint,” guided participants through “From Founder’s Vision to Generational Mentorship.” Opening with a Qur’anic reflection from Surah Saba (34:39) – “And whatever you spend in good, He will replace it and He is the best of providers” – facilitators encouraged envisioning centennial milestones: “Who leads your business in 2125? What values endure?”
Attendees listed three delegable roles for systemization, fostering a shift from founder dependency to compounding mentorship. This hands-on exercise emphasized compounding beyond money – building human capital, community impact, and barakah (blessings).
Panel and Closing: Transforming Traditions for Tomorrow
The event culminated in a dynamic panel, “Need and Model to Transform Traditional Family Businesses in India,” featuring all business leaders. Danish Reyaz delivered a closing speech, reiterating the workshop’s call to action: “Innovation honors heritage when guided by faith – let’s build enterprises that serve generations.”
A group photograph captured the spirit of unity, followed by networking over tea.
Reflections and Forward Momentum
“This workshop wasn’t just discourse; it was a blueprint for barakah in business,” shared attendee Arshad Shamim, a second-generation entrepreneur. With tools like the legacy workbook and participatory finance models now at their fingertips, participants left empowered to professionalize, digitize, and sustain their ventures.
Kolkata: – Chartered Accountant Rahim Noor, Founder and Managing Director of FabXL and The Sirri Saqti Foundation (TSSF), Kolkata, has been conferred the Social Entrepreneur of the Year 2025 award by the Maeeshat Foundation. The accolade was presented during the From Heritage to Innovation: Intergenerational Family Business Sustainability Workshop held on October 26, 2025, at The Siamton Inn, Kolkata.
The award recognizes Mr. Noor’s outstanding leadership in integrating advanced technology with ethical entrepreneurship and sustained social impact. Through FabXL, he has pioneered AI-driven operational solutions for family-owned enterprises, enhancing efficiency while preserving cultural and faith-based values. Concurrently, TSSF—established in 2012 as a registered public charitable trust—has delivered critical humanitarian services across West Bengal and Bihar, including youth leadership programs, medical aid, elderly care, and disaster response.
The honor was jointly conferred by Dr. Shariq Nisar, Principal of Rizvi Institute of Management Studies and Research, Mumbai, and Danish Reyaz, Founder of Maeeshat Media and the Maeeshat Foundation. In his remarks, Mr. Reyaz commended Mr. Noor’s model of innovation rooted in social responsibility:
“CA Rahim Noor represents the future of Muslim entrepreneurship in India—where technological excellence meets unwavering commitment to community welfare and intergenerational legacy.”
During the workshop, Mr. Noor delivered a keynote address titled “From Chaos to Clarity: Using AI for Family Businesses,” illustrating how AI-enabled platforms can reduce operational costs by up to 25%, improve supply chain transparency, and support succession planning—all while adhering to Shariah-compliant and halal business practices.
Accepting the award, Mr. Noor stated: “This recognition belongs to every team member at FabXL and TSSF, and to the families and communities we serve. Our work is guided by the Islamic ethos of stewardship, excellence, and universal brotherhood. We remain committed to building enterprises that are not only profitable but profoundly purposeful.”
Co-organized by the Maeeshat Foundation and The Sirri Saqti Foundation, the workshop convened over 65 business leaders to explore participatory finance, digital transformation, and governance frameworks for India’s family-run MSMEs—enterprises that drive 70% of national GDP and employ 75% of the workforce.
Mr. Noor’s dual contributions—technological empowerment through FabXL and humanitarian outreach via TSSF—position him as a leading voice in faith-aligned, impact-driven entrepreneurship.
Sir Syed Ahmad Khan (1817–1898) occupies a pivotal place in the history of modern India, particularly in the context of Muslim social and educational reform. His legacy is often celebrated for the founding of the Muhammadan Anglo-Oriental College in Aligarh, which later became Aligarh Muslim University, an institution that dramatically transformed the educational and socio-economic landscape for Indian Muslims. Yet, alongside this monumental contribution, Sir Syed’s intellectual and religious positions invite critical scrutiny. While he undeniably catalyzed the modernization of Muslim society in India, his approach to religion, theology, and engagement with Western knowledge reflects serious deviations from orthodox Islamic teachings.
A balanced appraisal must examine both dimensions: the transformative impact of his educational initiatives and the controversies arising from his religious misgivings. The most celebrated achievement of Sir Syed is undoubtedly the establishment of educational institutions designed to empower Indian Muslims in a rapidly changing colonial context. Following the catastrophic defeat of the Indian Muslim elite in the 1857 Revolt against the British, Muslims faced severe socio-economic marginalization.
Sir Syed recognized that without modern education and proficiency in English, Muslims would be excluded from the emerging administrative and professional opportunities under British rule. The founding of the Muhammadan Anglo-Oriental College in 1875 was therefore a strategic response to this crisis. The Aligarh institution not only imparted Western-style education, including science, literature, and administrative skills, but also became a hub for social mobility.
It produced generations of professionals—civil servants, engineers, teachers, and scholars—who gained employment in government and private sectors. By linking education with tangible economic and administrative opportunities, Sir Syed helped uplift a community that had been rendered vulnerable and politically marginalized. In this sense, his contribution to Muslim society was both pragmatic and visionary: he created pathways for social and economic empowerment in a context of colonial subjugation. Furthermore, Sir Syed emphasized rational inquiry, scientific thinking, and the reinterpretation of Islamic history to align with modern sensibilities.
His insistence on the study of Western sciences alongside religious studies reflected a commitment to intellectual adaptability, a trait essential for survival in the colonial and postcolonial world. In the broader panorama of 19th-century Indian Muslim reform, Sir Syed stands out as a figure who blended social activism with educational innovation, leaving a legacy that continues to shape the community’s intellectual infrastructure. Despite his undeniable achievements in education, Sir Syed’s approach to religion remains a matter of significant debate. His engagement with Western thought, while intellectually pioneering, led him to reinterpret Islamic doctrines in ways that many scholars consider departures from orthodox teachings.
Sir Syed’s insistence on rationalist and historical-critical approaches to the Quran and Hadith, his engagement with comparative religion, and his promotion of a rationalist interpretation of Islam were controversial. For instance, he often emphasized reason over traditional jurisprudence, and his writings reflect a tendency to harmonize Islamic principles with European rationalist thought. While this approach was intended to make Islam intellectually palatable to a Western-educated audience, it raised questions about fidelity to classical Islamic scholarship.
Sir Syed’s controversial stance on certain theological issues, including the status of miracles, the interpretation of Prophetic traditions, and the role of Islamic law in contemporary governance, also attracted criticism. Many scholars argue that his rationalist tendencies diluted core religious principles and encouraged a selective reading of Islamic sources. His willingness to accommodate Western epistemology sometimes resulted in what critics consider religious compromises, weakening the authoritative weight of classical scholarship in favor of pragmatic alignment with colonial modernity. Moreover, Sir Syed’s historical interpretation of events like the 1857 Revolt reflected a tendency to exonerate British policies and downplay Muslim resistance. By portraying the revolt as a religiously misguided uprising rather than a legitimate struggle against colonial oppression, he alienated traditional scholars and pious segments of society. Critics argue that this approach contributed to a religious and intellectual disjunction between Aligarh’s modernist elites and the broader Muslim populace, fostering an enduring tension between reformist and orthodox strands in Indian Islam.
The dual nature of Sir Syed’s legacy is evident in how his contributions reshaped Muslim society while simultaneously creating ideological fissures. On one hand, his institutions equipped Muslims with the tools to survive and thrive in the modern world. They fostered critical thinking, technical competence, and administrative skill—qualities essential for navigating colonial India’s complex socio-political landscape. On the other hand, his religious misgivings and selective adaptation of Islamic principles fostered a trend of rationalist reform that many considered a deviation from traditional religious norms. This duality has implications for understanding contemporary Muslim identity in South Asia.
Aligarh graduates and their intellectual descendants have often pursued modernist, secular, and reformist agendas, sometimes at odds with orthodox scholarship. While this has enabled Muslims to engage effectively in professional and political spheres, it has also generated debates over authenticity, religious authority, and the balance between tradition and modernity.
Sir Syed’s life exemplifies the tension between pragmatic accommodation and theological fidelity—a tension that continues to shape Muslim intellectual debates today. In sum, Sir Syed Ahmad Khan remains a towering figure in the history of modern Indian Muslim reform, yet his legacy is neither unambiguously positive nor free from criticism. His establishment of educational institutions and advocacy for scientific and administrative literacy significantly transformed the social and economic prospects of Indian Muslims, providing avenues of empowerment previously unavailable.
However, his rationalist reinterpretation of Islam, selective engagement with Western thought, and occasional deviations from orthodox religious teachings expose the limitations of his approach. A critical assessment of Sir Syed must therefore balance these dimensions. He was a visionary reformer who understood the practical necessities of his time but simultaneously a thinker whose theological choices sparked enduring debates within Muslim intellectual circles.
His life reminds us that reform and modernization are complex processes: they can empower communities materially while challenging long-held religious and cultural frameworks. The legacy of Sir Syed Ahmad Khan is, thus, both inspirational and cautionary—highlighting the transformative power of education and the perils of theological compromise.