Current system different from Islamic financial system

LAHORE: Interest free banking is according to the constitution of Islamic Republic of Pakistan as our current banking system is entirely different from the Islamic financial system. It is need of the hour media play its role to make people aware of the benefits of Islamic financial system. Speakers at the 2-day inaugural session of ‘Pak Finance 2012’ impressed upon the conference to promote Iqbal’s thought on economics. Justice 9retd) Dr Javed Iqbal presided over the session whereas Consulate General of Iran Dr Bani Asadi besides Dr Nazir Ghazi, Muhammad Suheyl Umar, Director Iqbal Academy Pakistan, Dr Muhamamd Anees, Wahid Noor Malik CEO eTeam, Ubaidullah Noshahi and Munir Choudhary also addressed on the occasion. Dr Javed said ‘Riba’ is haram according to Islamic law but it has been adopted in financial system of a country which has been set up in the name of Islam. He said Iqbal was against capitalism but he was not in favour of its complete omission from the society. “You are from a field where you can make Iqbal’s dream come true by adopting new measures” he pointed out while talking to bankers. Director Iqbal Academy Pakistan said Iqbal’s first writing ‘Ilm-ul-Iqtasad was about Economics’. He wanted to see Muslims with better financial status. Dr Nazir Ghazi said interest free banking was in fact according to constitution of Pakistan. Quaid-e-Azam and Allama Iqbal were also in favour of adopting Islamic financial system. Ubaidullah said we were confused today. Our trader is confused in adopting the way to trade whether he is earning halal or haram. It is time to aware him about the right and the wrong. Tariq Cheema emphasised on the need of adopting Islamic banking. He said it was need of the time as Islamic banking and our current banking system were two entirely different systems. Dr Anis pointed out the importance of role of media in promoting Islamic financial products. Munir Choudhary said the youth could play an important role in adopting Islamic financial system. staff report

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