By Tameemuddin Humble for Maeeshat
To deepen the financial inclusion of the unbanked population and to provide the Interest-Free financial services to its members in Gaya, “Janseva Co-operative Credit Society limited” opened its 24th Branch on 15th March, 2015, on the very day it was established five years ago, i.e., 15th March, 2010. A seminar on “Interest-Free Finance and Banking in India” was organized on the occasion to shift the discourse among the community from the theoretical discussion to practical steps of Islamic finance and motivate them to invest in the Interest-Free financial system as desired by Islam.
Prof. (Dr) Ishteyaque, Vice Chancellor, Magadh University, told the participants, while inaugurating the seminar, that the centralize system of Zakat collection could reduce the unemployment from the community. The financial institution like Janseva can serve the low-income groups in India in enhancing their financial capability. He emphasized that Govt. welfare schemes like scholarship were not being availed due to the strict conditions, not being met by the needy students. He praised the services of Janseva as a co-operative society in India.
Mr M S Khan, Board Member, Sahulat Microfinance Society, apprised the audience of the past and present story of the Islamic/Interest-Free Finance movement in India and abroad. He dealt with the seminar theme in detail and made aware of, how did Interest-based financial system accumulate wealth in few hands which Islam checks through its Interest-Free system. Without risk, no trade proceeds in Islamic economic system.
Mr Sarfrazuddin, Interest-free microfinance expert and the former Managing Director of Al-Khair Co-operative Credit Society Ltd., provided the knowledge about, how did the money get use after its deposit into any conventional bank account and the evolution of the present day currencies in the world.
Mr Danish Reyaz, Director, Maeeshat Media Pvt. Ltd., spoke on the occasion about the contributions of Indian Muslims in country’s economy and its development. The Indian Muslim community largely became a labour force from the architects of several industries in India, he opined.
Dr Rahmatullah Abdul Ahad, CMD, Janseva Co-operative Credit Society Ltd., presiding over the meeting, told the five year journey of Janseva to the participants of the seminar. It was the trust of the people that brought its monthly turn over to the ten crore rupees and the held up capital to the Rs.15 cores. The 17000 members of Janseva across India together earned the profit of Rs. 75 lakh this year and the institution became a sustainable financial institution based on the principles of Interest-Free financial system. “Janseva will provide an avenue to bring together the local varied populace including businessmen, daily wagers, students, and the salaried class to delve into the different facets of its products and to come up with the efficient services”, said the Chief Promoter and Founder Chairman. The participants got knowledge about the different aspects of Janseva financial products and its distinct role as a credit cooperative in India through the presidential address. At the end of the program, he announced the name of Dr Hamid Hussain as the president of Area Managing Board (AMB) and Tameemuddin Humble as the Manager/Ex Officio secretary of Gaya Branch.
Speakers in the seminar enabled the participants to understand the importance and the role of the community in promoting the Interest-Free finance in India.
Dr Farasat Hussain, Past President, Indian Association of Sports Medicine, addressed the seminar as the Guest of Honor, Dr Hamid Hussain welcomed the guests and the participants as the Facilitator of Janseva Gaya Branch, Mr Badiul Akhtar proposed the vote of thanks and Mr TD Humble conducted the proceedings.