The meeting noted rapid changes taking place in the banking arena, both within India and abroad, moving towards principals that guide Islamic banking and finance management systems. The meeting noted the presence of a number of banking enterprises in India working on Islamic banking principles and the segment is poised for rapid growth. In the context of the emerging growth and employment potential, the University has decided to offer a post graduate (PG) diploma course in Islamic banking and finance from the next academic year onwards. Dr Azis said that University would also consider the possibility of establishing a new department dedicated for this branch in the Aligarh Muslim University.

The vice chancellor has constituted a high power committee consisting of Dr Mohammad Nejatullah Siddiqui (chairman), Dr Shariq Nisar (Bearys Amnah Investment Pvt Ltd, Bangalore) and Dr Javed Akhtar, chairman, department of business administration, AMU, to prepare a detailed proposal for commencing this programme. The committee is expected to submit its report within two months.