(Co-Founder of TASIS (Taqwaa Advisory and Shariah Investment Solutions), Professor, Economist)
Dr Shariq Nisar
Dr. Shariq Nisar is an accomplished economist and pioneer in the Indian financial sector, known for his significant contributions to Islamic finance and capital markets. As the co-founder of TASIS (Taqwaa Advisory and Shariah Investment Solutions), Dr. Shariq has been instrumental in developing Shariah-compliant financial products and solutions, bridging the gap between Islamic principles and modern finance. His career spans over two decades, during which he has worked with some of India’s largest financial institutions, including the Bombay Stock Exchange, National Stock Exchange, and Tata Asset Management.
Educational Background: A Scholar in Economics and Islamic Finance
Dr. Shariq Nisar’s academic foundation is rooted in a deep understanding of both conventional and Islamic economics. He completed his PhD in Economics at Aligarh Muslim University (AMU) in 2003, where his thesis focused on the recent developments in banking organizations with a special reference to Islamic banking and finance. This research laid the groundwork for his future contributions to the Islamic financial sector in India.
He also holds a Master’s degree in Economics from AMU, specializing in International Finance and Islamic Economics, which he earned with first division honors. His academic pursuits extended beyond India when he completed a Certificate Program in Capital Markets (CPCM) from the University of Mumbai and the BSE Institute in 2005. This combination of Islamic finance expertise and knowledge of conventional capital markets allowed Dr. Shariq to navigate the complexities of both financial systems.
Professional Experience: A Pioneer in Islamic Finance
Dr. Shariq Nisar has spent over 20 years in the financial industry, where he has held prominent roles and made pioneering contributions to the integration of Islamic finance within India’s financial landscape. After completing his PhD, he moved to Mumbai in 2003 and began consulting for some of the country’s leading financial institutions, such as the Bombay Stock Exchange, National Stock Exchange, Tata Asset Management, and Taurus Asset Management. His expertise has been crucial in the development of Shariah-compliant financial products, particularly for Muslim investors seeking ethical investment options.
In 2015, Dr. Shariq Nisar established India’s first Centre for Alternative Finance at Rizvi Institute of Management Studies and Research, Mumbai, where he also serves as a full-time professor. At Rizvi, he teaches courses on Managerial Economics and Financial Markets and Institutions, mentoring the next generation of economists and finance professionals. His academic role has allowed him to blend his industry experience with teaching, making complex financial concepts accessible to his students.
In addition to his academic and consulting roles, Dr. Shariq has served as an Independent Director for companies like Transpact Enterprise Ltd., a medical device company, and Rehbar Financial Consultants, a Bangalore-based crowdfunding platform. He has also worked as a consultant for Tata Mutual Funds, where he advised on the strategy for Tata Ethical Fund, furthering his impact on the ethical and Islamic finance sector.
International Recognition and Collaborations
Dr. Shariq Nisar’s expertise has been recognized internationally, leading to numerous invitations as a speaker and panelist at global conferences and seminars. He has made over 50 international visits to share his insights on Islamic finance, financial inclusion, and ethical investing. He has lectured at prestigious institutions like Harvard University, University of Liechtenstein, Tufts University, and University of Luxembourg, among others. His contributions to academia are further evidenced by his Senior Visiting Fellowship at Harvard Law School in 2013, where he interacted with world-renowned scholars like Professor Amartya Sen, Professor Muhammad Yunus, and Professor Noah Feldman.
Dr. Shariq has also contributed to India’s financial legislation, having been invited to present before the Select Committee of the Indian Parliament during discussions on the Insurance Amendment Act of 2015. His work continues to influence financial policy and regulation in India, particularly in the areas of Shariah-compliant finance and ethical investing.
Publications and Research Contributions
Dr. Shariq Nisar has published extensively in the field of Islamic finance and economics, authoring three books and over 60 research papers and articles. Some of his notable publications include:
- “Takaful and Islamic Cooperative Finance: Challenges and Opportunities” (Co-Edited, 2016): A critical exploration of the opportunities and challenges facing Islamic cooperative finance.
- “Islamic Finance and Development” (Harvard Law School, 2014): A comprehensive study of the role of Islamic finance in global development, co-edited with prominent scholars.
- “Islamic Banking, Finance, and Capital Markets” (2013): A textbook used by the Bombay Stock Exchange for its online certification programs in Islamic finance.
Dr. Shariq’s research has been published in prestigious journals and has influenced the development of Islamic bonds (Sukuk) and other Islamic financial products in India and globally. His work has also explored Shariah governance, financial intermediation, and the role of Fintech in Islamic finance.
Awards and Recognition
Dr. Shariq Nisar’s contributions have earned him numerous accolades, including:
- Skoch Digital Inclusion Award (2011): For his efforts in integrating minorities into India’s financial system.
- Editor’s Choice Award (2018): Presented by Mid-Day Media for excellence in professional services.
- IFFSA International Award (2016): Recognizing his contributions to the Islamic finance sector in India.
- Bharat Inclusion Research Fellowship (2020): For his groundbreaking work on financial inclusion and ethical finance.