22 August 2026 · Hyderabad
The Hyderabad Dialogue has concluded. Economists, bankers and microfinance practitioners from India and abroad spent a full day at White House Garden, Shamshabad, examining where Islamic microfinance and SME finance in India stand today — and what they still lack.
Held on
Saturday, 22 August 2026
Duration
10:00 AM – 5:00 PM
Venue
White House Garden, Shamshabad, Hyderabad
Programme
Two sessions · Six speakers · Open Q&A
Glimpses
Forty-eight photographs from the sessions, the discussions and the gathering at White House Garden. Select any photograph to view it full size.
Report
The historic city of Hyderabad hosted a one-day open dialogue on Islamic microfinance and small and medium enterprises in India. The gathering brought together economists, bankers and microfinance practitioners for a substantive discussion on the current state of Islamic finance in the country, Shariah-related economic and commercial questions, the difficulties facing SMEs, and the role of Islamic venture funds. The programme was organised by Marifa Academy, India, and ran across two sessions — the first on Islamic microfinance, the second on SMEs.
Session one
Moderated by Dr. Shariq Nisar, and opened with a recitation of the Holy Quran by Mr. Ikram Rahman Falahi. Several participants joined online.
Sahulat Microfinance Society
Introduced Sahulat as a welfare organisation founded in 2010 to promote interest-free microfinance in India and to support traders, entrepreneurs and early-stage founders through guidance and economic advancement.
Bait-Un-Nasr Urban Co-operative Credit Society
Traced the society from its founding in Mahim, Mumbai in 1976 to nine active branches across Mumbai, Thane and Mumbra today — interest-free savings accounts, gold loans and a Hajj and Umrah savings scheme, now moving towards fintech delivery.
Founder, Marifa Academy
Spoke on human dignity and self-sufficiency in Islam, and on the merit of the honest trader — arguing that the Islamic financial system is not charity alone but a balanced vision of enterprise, investment, responsibility and social welfare.
Former Visiting Fellow, Harvard Law School
Examined the concentration of wealth in India and how low income, no savings and no capital form a self-reinforcing cycle. Set out the operational models of microfinance and the legal and regulatory framework governing it in India.
Head of Shariah Structuring, Abu Dhabi Islamic Bank
Presented the objectives and scope of Shariah and the philosophy of Islamic economics, urging a gradual move away from debt-based microfinance towards partnership (musharakah) structures.
Regional Coordinator, Sahulat Microfinance Society
Represented Sarwath Research & Development Foundation — deposit and financing products structured through murabaha and qard, and the organisation's target of one million financially self-sufficient individuals under 'Million Smiles – 2030'.
Session two
Rehbar Financial Services
Founded in 2013 to offer an alternative to interest-based financing, Rehbar is a boutique platform connecting conscious investors with businesses pursuing equitable finance. Mr. Rizvi set out its founding, business philosophy, financial model and record to date, and argued for ethical, well-structured alternatives that serve investors and businesses alike.
₹350 crore
investment facilitated by Rehbar over a decade
150+
businesses supported in securing funding
1,600
individual investors mobilised
₹55 crore
returns paid out to investors
Each session closed with an open floor. Participants asked about efforts to promote Islamic microfinance in the Indian market, the shortage of financial resources and trained personnel, the sustainability of Islamic microfinance institutions, and how accessible these services are to the general public.
Dr. Imad Ali, founder of Marifa Academy, thanked the participants and guests, commended their engagement, and expressed the hope that the discussions of the day would prove beneficial to the advancement of Islamic microfinance and Islamic banking in India.
Who spoke
Dr. Shariq Nisar
Professor · Former Visiting Fellow, Harvard Law School
Ikram Rahman Falahi
Head of Shariah Structuring, Abu Dhabi Islamic Bank
Zaid Rizvi
Rehbar Financial Services
Iqbal Husain Khan
Regional Coordinator, Sahulat Microfinance Society
Mohammed Imad Ali
Founder, Marifa Academy
Discussion
The dialogue does not end with the day. Read what participants have shared and add your own views or questions on the discussion page.
Stay informed
Marifa Academy runs courses, workshops and dialogues on Islamic finance. Leave your details and we will write to you when the next one is announced. You can also WhatsApp or call +91 96180 40606.