Economic system based on values vital to end social disparity: AJK president

Sardar Masood Khan highlights golden economic principles set by Islam 1,400 years ago

MUZAFFARABAD: Azad Jammu and Kashmir (AJK) President Sardar Masood Khan has said that golden economic principles, set by Islam 1,400 years ago, are a source of economic prosperity in this world as well as "the source of salvation in the world hereafter".

"The secret of equal distribution of resources and wealth lies in the enforcement of Zakat system in letter and spirit," he said while addressing the concluding session of a two-day divine economics conference held under the auspices of Economics Department of AJK University.

The president said that if the wealthy class devotes a small portion of their wealth as Zakat for the poor and the vulnerable people, the concentration of wealth in few hands will die its own death.

Islam has prohibited usury because of its exploitative aspect, and instead, it ordered for introduction of Zakat and charity which on the one hand, he said, is a complete economic order while on the other, it promotes love and fraternity between the rich and the poor segments of the society.

We have much to show than to hide from world in AJK: President Masood

Shedding light on the Islamic order – which is based on the principles of accountability and answer ability, President Masood said that when all the individuals adopt this principle, socio-economic injustice and difference between the rich and the poor vanishes automatically.

"Awareness is taking place in the Muslim societies, and the people are once again turning to the socio-economic principles of Islam," he said, adding that at present more than 300 banks are doing interest-free business.

Referring to the concept of halal and Zabeeha ordained by Islam, he said that the phenomenon is now gaining popularity in Western societies too, and a multibillion-dollar market of halal food and hilal meat has emerged ever since.

"This is the second largest market after interest-free banking," the AJK president said, adding that the concept of "not for profit" for public welfare and the social services currently in vogue in the West, was first of all introduced by Islam.

Vice Chancellor Azad Jammu and Kashmir University Dr Kalim Abbasi, Director Economic Development Syed Nisar Hussain Hamdani and others also addressed the conference  while economists and social scientists across the country attended the event.