Saturday, January 23, 2010
Afshan S. Khan
Rawalpindi
The present Islamic banking system requires improvements to bring it with full conformity with the Shariah, said Muhammad Ayub, a globally recognised scholar in Islamic economics.
He stated this while presenting a paper on ‘What is Islamic Banking and Where does it Stand?’ at a seminar on ‘Understanding of Islamic Banking and Finance’ organised by the Riphah Centre of Islamic Business, a constituent institute of Riphah International University, Islamabad, here on Friday.
Professor Dr. Anis Ahmed, vice Chancellor of the university, was the chief guest on the occasion.
Muhammad Ayub said the State Bank of Pakistan has a Shariah Board to look after the affairs of Islamic banking in the country but it has to be made more proactive to achieve the purpose of promoting Islamic banking system.
He said that the system is not fully prepared to play a significant role in ensuring the health and stability of the national and international banking system. The Islamic banking ensures that there is no ‘Riba’ which is interest, ‘Gharab’ which is the uncertain conditions and ‘Maysir and Qimar’, which is gambling. In Islamic banking, there is a fixed stature which is based on Holy Quran and Sunnah and everything is based on them.
Professor Dr. Anis Ahmed, in his remarks, said that the seminar would help explain the fact that Islamic principles of business and finance provide checks for all factors that have corrupted the national and global economy and finance. These principles need to be adopted for relief to the mankind. Islamic banking has become a hallmark of today’s financial world.
THE NEWS
Afshan S. Khan
Rawalpindi
The present Islamic banking system requires improvements to bring it with full conformity with the Shariah, said Muhammad Ayub, a globally recognised scholar in Islamic economics.
He stated this while presenting a paper on ‘What is Islamic Banking and Where does it Stand?’ at a seminar on ‘Understanding of Islamic Banking and Finance’ organised by the Riphah Centre of Islamic Business, a constituent institute of Riphah International University, Islamabad, here on Friday.
Professor Dr. Anis Ahmed, vice Chancellor of the university, was the chief guest on the occasion.
Muhammad Ayub said the State Bank of Pakistan has a Shariah Board to look after the affairs of Islamic banking in the country but it has to be made more proactive to achieve the purpose of promoting Islamic banking system.
He said that the system is not fully prepared to play a significant role in ensuring the health and stability of the national and international banking system. The Islamic banking ensures that there is no ‘Riba’ which is interest, ‘Gharab’ which is the uncertain conditions and ‘Maysir and Qimar’, which is gambling. In Islamic banking, there is a fixed stature which is based on Holy Quran and Sunnah and everything is based on them.
Professor Dr. Anis Ahmed, in his remarks, said that the seminar would help explain the fact that Islamic principles of business and finance provide checks for all factors that have corrupted the national and global economy and finance. These principles need to be adopted for relief to the mankind. Islamic banking has become a hallmark of today’s financial world.
THE NEWS
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