Imran Zakir
KARACHI: Interest system is a form of oppression in which the lender takes advantage of the borrower, is injustice. Our banks have to work on wealth creation, change their attitudes, and dire need for strategies and actions instead of giving only statements, the journey of Islamic banking in Pakistan can be accelerated by taking quick decisions, Sharia community needs business education.
These views were expressed by Deputy Governor State Bank Salimullah while addressing the 2nd National Islamic Economic Forum held Wednesday with the collaboration Saylani Welfare International Trust and Darul Uloom Memon at a local hotel here.
On this occasion, Maulana Bashir Farooqui Qadri, founder chairman of Saylani Welfare Trust and convener of the forum, expressed his determination for cause of the promotion of Islamic banking system in Pakistan and said that the establishment of Saylani Welfare Trust was implemented on the basis of Islamic principles of Islam, we believe that our will soon achieve success in the fight against usury along with other stake holders.
Patron-in-Chief of National Islamic Economic Forum Mufti Muneeb ur Rehman said that the journey towards Islamic banking in Pakistan is slow, 2027 is on the horizon and no progress is seen in this regard. Sukuk by pledging fixed assets. Issuance cannot give economic development to the country, politicians are not serious to take their share when they are in power, now whoever will be in the power, his first priority must be implement Islamic banking system, because the present system opening the doors to IMF.
Former Federal Finance Minister Ishaq Dar supported the Islamic system, but what has been done practically so far? He said that State Bank is opening branches of conventional banks instead of strengthening and establishing Islamic banks. If such system is prevailing it will give rise to external and internal debts in the country’s economy. He praised the efforts of Saylani Welfare Trust regarding promoting Islamic banking.
The conference was organized under the umbrella of National Islamic Economic Forum, there were two panel discussions in which modern banking experts and Islamic scholars discussed about Mudaraba, Takaful and other Islamic banking products.
Directors of Saylani Welfare Trust Afzal Chamdia, Amjad Chamdia, CEO of Central Depository Company (CDC), Badruddin Akbar, CEO of Faysal Bank, Yusuf Hussain, CEO/President of Meezan Bank, Irfan Siddiqui, CEO of Arif Habib, Nasim Baig, former President SCB and UB Consultancy Shahzad Dada, Educationist and IT expert Dr. Zia ur Rahman also addressed in the conference.
Moreover, addressing the conference, Deputy Governor State Bank, Salimullah further ensured his full support to Maulana Bashir Farooqui for the abolition of interest system. Our tragedy is that the business community hides the profitable business from the State Bank and approaches the banks for loans in the loss-making business ventures. Islamic banking is like a vibrant movement, so there is a need to create a center of excellence to promote it.
Philanthropists should take financial services from Islamic financial institutions. The State Bank is committed to transform financial institutions into Islamic banking with full integrity and honesty according to the Federal Sharia Court’s decision
He said that for the economic development of Pakistan, the process of issuing rotten Islamic sukuk should be stopped and instead a system should be created that promotes economic activities. The State Bank should promote foreign exchange and industrialization for Production economy he concluded.