Demand to make Islamic banking mandatory

By PPI
Published: July 8, 2012

Islamic banking in Pakistan is being practiced on the basis of supply and demand and not as mandatory by the government. ILLUSTRATION: JAMAL KHURSHID

KARACHI: 

Addressing at a seminar on a case study on “A Blend of Contemporary and Religious Education”,  held at the Korangi Association of Trade and Industry (KATI), Jamiatur Rasheed Education Director Abdul Aziz Raja said that under the banking ordinance Islamic banking in Pakistan should be mandatory.

Islamic banking in Pakistan is being practiced on the basis of supply and demand and not as mandatory by the government, said Raja.

He said that the Supreme Court should order enforcement of Islamic banking. “Islam is a complete code of life instead of traditions and rituals and gives a complete economic system”, said Raja adding that in order to implement Islamic banking and financial system only 5% work has been done in the country and the rest is yet to be done.

He said that Jamiatur Rasheed has introduced various courses on Islamic financial system and economic principles and offer graduate and post graduate courses on banking and finance, accounting, book-keeping, supply chain and marketing, etc. He invited the trade and industry’s representatives to visit the campus.

The KATI Chairman Ehteshamuddin said on this occasion that interest free banking is the need of the hour. He pointed out that interest free banking is being practiced in Japan and a few western countries while Pakistani businessmen are being charged double digit interest.

He said that at this juncture when religious institutions have forgotten modern and technical education, Jamiatur Rasheed which is imparting most modern education is an asset to the nation. He advised that like Jamiatur Rasheed other religious institutions should also impart technical and other modern education to their students.

All Karachi Industrial Alliance President Mian Zahid Hussain announced that a delegation of industrialists will visit Jamiatur Rasheed. Sardar Yasin Malik advised the religious institutions to also provide technical education to their students to that they could be able to compete with other people in the field. 

Published in The Express Tribune, July 8th, 2012.

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Reader Comments (4)

  • BlackJack
    Jul 8, 2012 - 10:49AM

    Why make it mandatory? If it is such a perfect system and countries like Japan are adopting it willingly (a great example of a country with rock bottom inflation and extremely low interest rates) I am sure that the devout Pakistanis will also opt for it enthusiastically.

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  • Dushmann (let there be peace)
    Jul 8, 2012 - 11:06AM

    Right demand. Pakistan is Islamic nation.

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  • Ali
    Jul 8, 2012 - 8:47PM

    Yes ….. Students of business education should also realize that with such high level of unemployment in Pakistan …. Islamic Banking is the only area where one should go for in order to cash the increasing demand of islamic banking human capital

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  • Jul 9, 2012 - 11:01AM

    @BlackJack:
    Because Pakistan is an Islamic Country and we need to follow Islamic norms and traditions.

    Regards
    Dr. Saleem Siddiqi

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