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Tuesday, 10 July 2012

Pakistan: ‘Islamic banking should be enforced under SC order

KARACHI: Islamic banking in Pakistan is being practiced on the basis of supply and demand and not as mandatory by the government, said Jamiatur Rasheed Education Director Abdul Aziz Raja. 

Addressing at a seminar on a case study on ‘A Blend of Contemporary and Religious Education’, held at Korangi Association of Trade and Industry (KATI), Raja said that banking ordinance was introduced in 1974 but tabled in the House in 1984, under which the Islamic banking in Pakistan should be mandatory and not the optional. 

He said that under Supreme Court’s order Islamic banking should be enforced. “Islam is a complete code of life and not just for a few rituals and gives complete economic system,” said Raja adding that in order to implement Islamic banking and Islamic financial system only 5.0 percent work has been done in the country so far while 95 percent work 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, and the campus constructed in Ahsanabad is most modern and equipped with all required facilities. 

He pointed out that interest free banking is being practiced in Japan and a number of western countries while Pakistan’s businessmen are being charged with 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.

(Daily Times / 08 July 2012)

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