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Friday, 14 March 2014

Experts stress interest-free banking


Muslim scholars should collaborate with bankers to eliminate interest from the banking system which should be fully in accordance with Islamic economic system, stressed Dr Yasin Mazhar Siddiqi Nadvi, an eminent Indian scholar.

Addressing the members of Faisalabad Chamber of Commerce and Industry, he said that the Muslims enjoy the same status being followers of Prophet Muhammad Peace be Upon Him but the businessmen have an edge and advantage as the custodian of the profession adopted by our Prophet Muhammad (PBUH).

Commenting on Islamic history, he quoted numerous examples and said that partnership and Mudaraba are Islamic modes of banking system but still there was need for further research to fine-tune the system in accordance with Islam and need of the era. He said that interest is not allowed in any religion. Even before Islam, it was prohibited but some tribes of Quresh practiced it for their own financial benefits. He said that religious scholars and bankers should sit together and discuss workable Islamic system to face the emerging challenges.

He said, “There is clear difference between profit and interest and we must have ability to understand this delicate difference coupled with the intention while making any transaction.” He also responded to questions and said that Indian scholars have recently given a “fatwa” justifying life insurance particularly in Indian scenario where the life of Muslims is in danger.

Earlier, in his welcome address, FCCI President Engineer Suhail Bin Rashid said that Islam is complete code of life which has potential to manage the international affairs with the fundamental of merit, justice and fair-play. He said that despite material developments by the West, the world is facing anarchy like situation and unluckily among most disturbed nations, Muslims are on the top. He said that members of FCCI are directly linked with trade and business and requested Dr Nadvi to throw light on Islamic banking system with special reference to Riba.

Earlier, Mufti Muhammad Tayyab introduced Indian scholar Dr Yasin Mazhar Siddiqui Nadvi and said that he is author of 50 books on Seerat written in Urdu, Arabic and English languages. He has also 500 research articles at his credit.

FOOD EXHIBITION: The food industry can fetch heavy revenue by promoting value addition and quality of packaging at par with international standards, said an expert.

University of Agriculture Vice Chancellor Dr Iqrar Ahmad inaugurated the Food Exhibition set up by the National Institute of Food Science and Technology. He was flanked by NIFSAT Director General Dr Masood  Sadiq Butt. At the exhibition, the students exhibited the skills in producing the different value-added food items.

The vice chancellor said that the value addition in the food industry was essential to compete with the rest of the world. He said that in the modern era, the world is changing rapidly because of technology advancement.

He urged the food experts to ensure the quality of food compatible to the international market. He was of the view that youth of the country was blessed with extreme potential that must be explored in order to give voice to their inner qualities. He appreciated the efforts made on the part of the students.

He announced that the best brains of the exhibition would be provided incubates at the Business Incubation Centre with funding so that they could launch their business.

He also advised them to come up with the innovative ideas that will make their practical life easier. Dr Masood Sadiq Butt said the NIFSAT was making efforts to produce skilled manpower in the food industry.

He said that the exhibition was aimed at providing the platform to the students to exhibit their skills and to create an environment of competition.



(The Nation  / 14 March 2014)
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