India central bank allows non-bank Islamic finance firm

What North Block needs: Reform of RBI and Ministry of Finance

RBI’s attitude towards the sharia-compliance concept is yet to be tested,” said Shariq Nisar, director of research and operations at Mumbai-based Taqwaa Advisory and Shariah Investment Solutions. Running a sharia-compliant financial institution under Indian regulations is still difficult and other firms are likely to stay on the sidelines pending the success of existing schemes before deciding to join in, he added. Islamic equity and venture capital products have attracted little demand in India and NBFCs could face the same fate, said Nisar. “NBFC business overall has been declining over the years.” The RBI issued guidelines for NBFCs in June, cracking down on debt issuance by an industry that relies heavily on capital markets to fund its business but has faced less regulatory oversight than banks.

The most important economic reform that we need is of MoF and RBI. As Derek Bok said, “If you think education is expensive, try ignorance sometime”. While the wounds are fresh, we must undertake fundamental change at ministry and RBI. We must modify their objectives, accountability, organisation structure and staffing to achieve sound macro and finance policy for a big open economy. We need them to become institutions with many people who have sound instincts, where outcomes are not inordinately sensitive to identities at the top.

Finance Administrative Director – Nigeria 13-339

Established in 1984 by volunteer doctors and nurses, International Medical Corps is a private, voluntary, nonpolitical, nonsectarian organization. Its mission is to improve the quality of life through health interventions and related activities that build local capacity in underserved communities worldwide. By offering training and health care to local populations and medical assistance to people at highest risk, and with the flexibility to respond rapidly to emergency situations, International Medical Corps rehabilitates devastated health care systems and helps bring them back to self-reliance. JOB SUMMARY The Finance Director directly oversees all financial, accounting and administrative activities including human resources administration and all finance administrative activities and reporting for International Medical Corps’ anticipated program in Nigeria. ESSENTIAL RESPONSIBILITIES 1.


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