358 The American Journal of Islamic Social Sciences b l . 6, No. 2, 1989 Conference Report Islamic Economics and the Economy of Indian Muslims New Delhi, India Dhu al Hiijah l72@ 1409IJuly 21-24, 1989 The International Seminar on Islamic Economics and the Economy of Indian Muslims was held July 21-24, 1989 in the Convention Center of Ham- dard University, New Delhi, India, under the auspices of the Institute of Objective Studies (IOS). The Seminar was the first of its kind in India. There were 10 sessions, with over 60 participants, on various aspects of Islamic Economics as well as on the economy of Indian Muslims. In addition there were inaugural and plenary sessions, and a public lecture. All the sessions were well-attended. Conference delegates and participants came from all over India, as well as Egypt and the U.S. A number of scholars from other coun- tries could not attend the Conference because of the denial of visa for atten- ding the Conference by the Indian Embassies in their respective countries. The Conference convened on Friday, July 21, 1989 at 1190 A.M. with the inaugural session chaired by Dr. S. 2. Qasim, Vice-Chancellor of Jamia Millia Islamia, New Delhi. After the welcome speech by Mr. A. R. Agwan, Director of the IOS, Dr. Manzoor Alam, Chairman of the IOS, introduced the 10s and its activities. The inaugural address was delivered by Dr. A. R. Kidwai, Chancellor, Aligarh Muslim University (AMU). Following that, the keynote address was given by Dr. F. R. Faridi of AMU, who was also the convenor of this seminar. Among the foreign delegates were Dr. Shawki Ismail Shehata of Faisal Islamic Bank of Egypt, Prof. Syed Iqbal Mahdi (who is the Secretary of the AMSS Economics Discipline Group),and Dr. A. Q. J. Shaikh from the U.S.A., and Dr. M. Ayub Munir from Pakistan. The Conference organizers had carefully selected the topics which were timely and relevant both in terms of Islamic economics and the economy of Indian Muslims. Each session had 4 to 5 papers. The following were some of the topics: 1. Employment Situation of Indian Muslims: An Appraisal of its Nature and Magnitude 2 . Islamic Banking: Theory and Practice 3. An Islamic Approach to Economic Development The American Journal of Islamic Social Sciences Vol. 6, No. 2 , 1989 359 4 . Is Islamic Economics Relevant to the Indian Situation 5 . An Islamic Critique of Conventional Economics and the Islamic System 6. Muslim Participation in the Industrial and Agricultural Sec- tors in India 7. The Role of Muslim A q a f i n the Econonry of Indian Muslims 8. Islamic Banlung: Theory and Practice 9. Islamic Credit Institutions in India: Problems and Prospects 10. Economic Problems of the Muslim Minority in India (Brain Storming Session) * The following delegates presented papers, chaired sessions or were discussants: M. A. Muttalib, T. A. Rehman, K. G. Munshi, S. T. Ahmed, Nuzhat Jabeen, M. A. Kalam, A. Haseeb, J. I. Laliwala, K. Alam, M. I. Bagsiraj, Nighat Ahmed, K. K. Upadhaya, K. Naseeruddin, S. F. Peerzada, M. I. Khan, M. Derakhshan, S. Fyaz Ahmed, A. A. Islahi, P. A. Poonawala, M. A. El Gari, S. I. Mahdi, A. Huq, A. Q. Shaikh, T. Beg, M. H. Siraj, A. M. Khusro, M. Tufail, K. M. Pathusha, S. K. Hussain, I. E. Kozake, Zubair Hussain, S. I. Shehata, N. M. Purehit, A. Azeez, R. Khan, G. Ghaus, Manzoor Alam and F. R. Faridi. One ofthe highhghts of the Conference was the Public Lecture on Satuday, July 22nd at 8:00 P.M. in Pearaylal Bhavan in New Delhi. It was open to the general public and attended by more than 500 people including jour- nalists and T.V. reporters. It was chaired by Dr. F. R. Faridkind the keynote speaker was Dr. Iqbal Mahdi of the U.S.A. Dr. Mahdi’s topic was: “Salient Features of Islamic Economics”. Dr. Mahdi argued that socialism and capitalism have failed and Muslims have a historic opportunity to present the Islamic Economic System to the world as a viable alternative. Another highlight of the Conference was the Brain Storming Session on Monday, July 24, 1989. The topic was: “The Economic Problems of the Muslim Minority in India.” The session was chaired by Dr. A. Haseeb. The panelists wereDrs. A. M. Khusro, D. B. Gupta, IqbalMahdi, A. Q. Shaikh, K. G. Munshi, Rehmatullah and Mr. M. H. Khatkhatey. There was consen- sus among the panelists that given the current political situation in India, the solution to the problems of Indian Muslims lies in the principle of self- help. A number of practical suggestions and recommendations emerged from this session to alleviate the economic plight of Muslims in India. Some of these recommendations were presented as resolutions and appmed unanimous- ly in the valedictory session that afternoon. Some of the important resolu- tions were: 1 . The institution of Zakah should be established and its income 360 2 3 4 The American Journal of Islamic Social Sciences Vol. 6, No. 2, 1989 should be used collectively in the light of the Qur’an and Hadith. Interest-free Islamic financial institutions should be promoted at local levels. Voluntary organizations of Muslims should undertake the pro- vision of technical training, vocational guidance and job market information. a. Training for business and financial management should be pmided to encourage small business ownership among Muslims in a competitive market situation. b. A business directory and directory of Muslim in- dustrialists should be prepared and a survey of Islamic financial institutuions should be undertaken by the IOS to know the problems and potentials. c 3 . A sense of social obligation should be cultivated among Muslims to purchase goods of small businesses owned by Muslims. The Conference was a great success in terms of quality of its contribu- tions and mobilization of Muslinl economic talent to address the economic issues of Indian Muslims. Dr. Manzoor Alam, Dr. F. R. Faridi and others at the 10s should be congratulated for this accomplishment. Syed Iqbal Mahdi Professor of Economics Benedict College Columbia, SC