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JaZaa striving to present Islamic economy and financial system in India

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IMO News Service

The Islamic financial system is a part of the overall economic system with characteristics of freedom of interaction, discipline, efficiency and equity (justice). The conventional financial system has many flaws and has proven to be disastrous for many economies. The primary reason for it being the consumption and end usage of interest (riba). Riba is totally prohibited in Islam because it tends to create unfair or in just treatment between two parties. it also exploits one by the others. Conventional financial system also incorporates speculative activities like derivatives, futures excessive insurance etc. these speculative activities tend to create unrest in the economy. It also promotes excessive lending which further creates excessive interest. 

The concept of Islamic finance removes these flaws of the conventional systems through some needed reforms. Islamic finance introduces a greater discipline of profit and loss sharing. It introduces a more just system by making an alternate arrangement for collateral so that even the poor may have access to finance. It also reduces social pressures and provides a greater efficiency in the use of resources by ensuring that the resources are used productively via regulation and supervision.

Since the financial crisis of 2008 in USA, the global financial market is still trying to emerge from its downturned economy. Islamic Economics principle has proven to be a just and qualified solution to the crisis. As remarked by different economists and organizations such as IMF “The crisis did not affect Islamic Banks as bad the conventional banks were affected”. It is interesting to note that aftermath of the financial crisis ‘World Economic Forum’ has invited religious representatives to input their initiative to reshape the economy.

Islamic finance has emerged as a viable alternative world over after the financial meltdown of the West. It is growing at the rate of more than 15%. Not only Muslim countries but modern, secular and industrialized countries like UK, France, Japan, Singapore and Hong Kong have become hub of Islamic finance & banking.

Taking advantage of the situation arising out of the economic crisis in Eurozone and countries like United States, India should adopt the Islamic Finance System to pump-in investments from the Middle East. This interest-free and more inclusive system will in turn speed-up the financial inclusion of the Common Indians (Aam Aadmi).

To provide India an opportunity to capitalize in the area various firms on Islamic finance have emerged. Among them is a firm named JaZaa Financial Advisory Private Limited striving to present Islamic economy and financial system as an alternative in India by creating awareness among the masses in an age where investment and banking sectors are viewed with suspicion and greatly deliberated over, to tackle and nullify the present day paranoia over financial products and institutions. Deriving its business model from the roots of Shariah principles and strictly adhering to the laws of Shariah has provided them a logical and spiritual guide to evolve into an organization which creates and delivers social values. 

JaZaa Director Mohd. Asif receiving Certificate
With a mission to create awareness about the various Shariah-compliant investment products and provide an extensive reach for clients to fulfill their Shariah investment needs, JaZaa has set itself on the course by entering into diverse fields for expansion in different areas of Islamic investment through a series of guiding principles. It is also a boutique consulting firm providing financial services. Its core services include Shariah based investment advisory and portfolio management as well as corporate finance advisory, investment advisory/equity research, Shariah investment, e-gold and e-silver, financial modeling/ analytics and start up solutions. It provides facilities to invest in shares listed on the NSE and BSE. With professionals from top B-Schools of India, and its research teams generate top class primary and secondary research reports. Its researchers are guided by veterans from the equity research industry. 

JaZaa, also provides a base for investment in commodity. Through the platform of National Spot Exchange they help clients to invest in e-Gold and e-silver products. These instruments are simple, easily accessible, have a transparent and uniform pricing with low custodial charges and low transaction fee. With all India one and transparent pricing these precious metals are a smart way of investing. To facilitate these services JaZaa has collaborated with India Infoline limited who is their broking partner. To further infiltrate the sector and strengthen their roots they have also planned to launch Shariah based products as a separate national platform for all the Indians looking for low risk investments and also to enter fields like Shariah-microfinance, Shariah based loans, corporate investments and Islamic banking in the long run.
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