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Tuesday, 3 April 2012

Pakistan: Implementation of Islamic financial system

LAHORE: Dr Javid Iqbal has said that professionals belonging to the financial system can fulfil the unfinished tasks of Allama Iqbal about the implementation of Islamic Financial System in its true sense.

He was addressing the inaugural session of first ever Pak Finance Conference being held at Aiwan-e-Iqbal, Lahore.

Organised by eTeaM, Pak Finance is Iqbal Academy Pakistan's first major event of the Iqbal Year, as declared by the Prime Minister of Pakistan.

Dr Javid Iqbal said that '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.

In his letters to the Quaid-e-Azam, Iqbal has stressed upon the need for a just social and economic system for the Muslims of the sub-continent.

Tariq Cheema of World Congress of Muslim Philanthropist, USA, who was chief guest, emphasised on collaborating the efforts for the promotion of Islamic Finance and consolidating Muslim Giving.

Consulate General of Iran Bani Asadi was the guest of honour.

Mufti Muneeb-ur-Rehman, Chairman Ruet-e-Hilal Committee presided the concluding session of the Conferene titled Islamic Finance: Breaking Chains of Exploitation and emphasised the need of joint efforts by the Ulema and bankers to develop and adopt a sustainable and comprehensive Islamic Financial Model for the country.

Speakers at the two days conference impressed upon the conference to promote Iqbal's thought on economics, as this is the first major event of the Iqbal Year.

Muhammad Suheyl Umar, Director Iqbal Academy Pakistan said that Pak Finance is a step in the right direction as Iqbal's economic thoughts are usually not deliberated upon.

He said Iqbal had wanted the Muslims to attain a better financial status.

Justice Nazir Ghazi, presiding the session, 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.

Dr Anis Ahmed, VC Riphah University, Munir Mansuri (Joint Director SBP), Kashif Siddiqui (Joint Director SECP) and Ms Humour Owais Shahid, spoke about academic, regulators and executive roles and their responsibilities.

Mansuri informed the audience that SBP has provided clear guidelines on different sectors touched upon by the conference eg.

Agriculture, Microfinance and SME.

Humaira agreed to the point of view that the enforcement of legislation in the real challenge that can only be fulfilled with collective efforts of all stakeholders.

Ashraf Bhatti (President Anjuman Tajiran) said that live examples have established the fact that adopting Islamic modes of financing and refusing Riba has resulted in substantial growth of businesses.

Tairq Chaudhry (GM Pak Qatar Takaful) informed the audience how Takaful can protect their lives and assets in an Islamic Way.

Dr Tahir Tanoli (Head Academics Iqbal Academy) and Dr Zeeshan Ahmed (Director Finance LUMS), touched upon the academic areas of the subject matter enlightening the audience about the thought of Iqbal and teaching of Islam that have clearly outlined the social welfare-based Islamic Financial System.

Muhammad Ayub (Director Research RCIB) said that although Pakistan has 98 percent muslim population but Islamic Banking overall share is just 8 percent and a lot needs to be done in this regard.

GM SMEDA Sultan Tiwana informed that in developed world SME contributes upto 50 percent share in GDP and 70 percent of workforce employment.

Without SME growth, Pakistan cannot progress.

Farhat Abbas Shah (CEO Farz Foundation) informed the audience that Farz Foundation is the first Sharia-compliant Microfinance Institution in the world, an honour for Pakistan.

The satisfied women customers of the Foundation also presented their case studies at the Conference.

Munir Chaudhry said that unemployment of youth could be eliminated through adoption of Modarba system.

CEO eTeaM Wahid Noor Malik while thanking the sponsors and supporters outlined the future plans of eTeaM that include running a series of events for promotion of Islamic Finance.

Ubaidullah Naushahi, Executive Director eTeaM said that the aim of the eTeaM is to inculcate Iqbal's teachings in the lives of common Pakistanis enabling them to stand against corrupt system and strive o have a Halal financial system at all levels.

(BusinessRecorder / 02 April 2012)

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