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Lack of Muslim representation in corporate sector and the role of banks

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It was recently revealed in a survey in Economic Times that the representation of Muslims among the directors and executives of the 500 companies and businesses registered in the Bombay Stock Exchange is merely 2.7%. This ratio has mostly stayed constant since 1920.

It translates to the fact that out of the 2324 directors of the 500 companies of Bombay Stock Exchange, Muslim post holders are only 62. This is a pathetic number when juxtaposed to the 14 percent Muslim population in the country. This begs the question if Muslims are the victims of bias in this field too?

Alternatively, are Muslims lacking in potential? If this were the problem then the presence of Muslims in the corporate sector before Independence would not have been more. Though, according to surveys and data, the representation of Muslims in public sector companies has remained constant before and after Independence.

An important point to note in this fact is that the 2.7% Muslims in high posts in corporate sector mostly belong to the Bohra, Khoja, Memon and Kachi Memon communities. All of these four Muslim communities hail from Gujarat.

During one time the stocks of Bombay Stock Exchange rose three times their value. At that time foreign capitalists started selling off their businesses and departed. The profits of these went to Hindu capitalists and corporate and businesses belonging to Hindus. This way, the number of Hindu corporate and post holders rose from 403 to 1040 between 1920 and 1940.

Economic experts often research the meager representation of Muslims in this field and their opinion is that Muslims prefer to do business and invest in fields that are connected to and compatible with their religion and Islamic tradition. The second reason that they found, along with its conformity as per Sachar report, is the educational backwardness and lack of English educational background in the Muslim community. The Sachar report found that Muslims are behind Dalits in education and literacy.

These are the reasons a Muslim is unable to invest in any big business venture. It was recently reported that out of the sixteen states, in seven states, viz – Andhra Pradesh, Gujarat, Madhya Pradesh, Kerala, Rajasthan and Tamil Nadu, Muslims are stepping towards development. This is a very encouraging fact for the Muslim community that if they keep trying, they are sure to move towards development and progress. And it is not yet impossible to regain their lost glory.

Despite these findings, there is an alternative opinion that Muslims were never the victims of educational backwardness if this had been the truth then Muslims would not have enlightened the world through their advancement in academics. And if it had been facing political retardation then its rule from Turkey, Spain, Middle East would have been impossible. And if financial backwardness is considered, then India was called the golden bird of the world only when Muslims rules the country.

According to this school of thought, Muslims are the victims of 20th century. They have not been able to understand the changes of this era. Muslim scholars thought that the rise of European powers and downfall of Muslim governments across the world in this era is the sign of Cross overcoming Islam. The truth is that the wave of materialism rising from Europe has overtaken all the anarchists and godless people of the world. This wave of materialism has overcome both Church and Islam. Nearly 805 of European population has started to deny the Church. And out of these who were hoping for a new revolution turned to communism.

The current capitalism and banking system that is gripping most of Europe was started by Jews. In other words, Jews successfully turned the attention of Europe from religion to materialism. Jews used their economic power and system of interest to start the French revolution and turned the already disillusioned Christians against their Church. Jews kept dazzling the European governments one after another with their capital and influential people and soon had them eating from their hands.

Something similar happened in Egypt in July 2012. Jews helped overthrow Morsi government and handed the reigns of the country to a General of their choice and had it in writing from the new appointed pet General that Jews would be allowed free trade in Egypt.

Jews have been involved in the business of interest since a long time in history. They have earned multi-fold profits by keeping jewelry as security for money lent on interest. Then the rise of paper currency and the new banking system was a revolution in world economics. The Jews opened their first bank in America in 1716. This was followed by the opening of Jewish banks in Britain in 1825 and in Kolkata, India in 1860. Then the Jews used the money saved in banks to lend it to big capitalists on high interests and joined the banking system to actual business.

Eighteenth century saw the rise of Jewish banking system all across the world. This was the point where Muslims of the world were stupefied – the business of interest, that the Jews have been championing, and which is unlawful in Islam. This stupefaction was sensed by Allama Iqbal and Maulana Maudoodi and they tried their best to shake Muslims out of their stupor, defy the new European banking system, not give in to the materialism and take charge of their faith and society.

They warned Muslims of the threat of materialism that has been brought on by the Jewish intellectuals and capitalists. They pointed out that if Muslims do not oppose this wave of materialism with all the power of their faith then not only will it overtake the government and turn it into a corporate field, but also coat the very fabric of humanity into the colours of materialism and capitalism.

And this is what has happened to the government and politics in our country. It has now entered the arena of business and economy. Capitalism is now a part of civilization and culture.

Now even if a Muslim is able to acquire the best of education, can he wholeheartedly accept the materialistic culture?

60 to 70% shares of all the public sector corporates and businesses of the world are owned by banks. It is impossible to run businesses without the help and financial aids and partnership from banks.

During the time when the British were ready to sell off their shares in businesses and leave India, even they were finding it difficult to hand over their companies to Indians who would provide the full capital in cash. During such times, banks stepped in to solve the problem of cash. They bought off the businesses from sellers. And at this time the Muslim businessmen from Gujarat were in business of interest with those banks, and so this is how they are in the Bombay Stock Exchange picture. They deposited 10 to 20% of cash and bought off the businesses from the banks, just like the bank lets people own a house by letting him deposit just 10% of a 1 or 2 crore house. But the bank does not give the ownership documents of the house till the buyer deposits the cost price along with the interest accrued during the payment duration.

The directors of such companies do not fear this kind of crisis where the company would be snatched off from them in case of non payment of interests because normally a private limited company has scores of directors and hundreds or thousands of shareholders. The biggest shareholder inevitably happens to be a bank, and it would never let its company liquidate.

So the main reason of the lack of representation of Muslims in big corporate companies is the presence of banks in the picture. The second reason is the distance Muslims maintained from the British businessmen and so stayed behind in understanding and realising the environment and style of working of the modern corporate sector companies.

Now not even companies, but every country is in debt o the World Bank. And so the Bank dictates what kind of government it requires for the payment of its debts from countries.

(Translated by Nabila Habib from Roznama Khabrein)

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