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KARACHI: Jamaat-e-Islami (JI) Karachi took onboard religious scholars, experts, academia and other stakeholders, including traders and industrials onboard over replacement of interest based economy with a system aligned with Islamic principles as per the verdict by the judiciary against the interest.

The significant seminar was held by the JI at a local hotel. Mufti-Azam Pakistan Dr Muneebur Rehman delivered the key note address. The speakers and the declaration of the seminar demanded a

clear roadmap for elimination of the interest from the economy.

In his address, Mufti Muneeb covered various aspects of the matter and stressed the need for an active role by the stakeholders, saying that big investors, traders and industrials can play a vital role against the interest based economy by completely switching to Islamic Banking.

He also highlighted the significance of the political will in this regard and said that unfortunately the Islamic Banking sector in the country has to operate under the ambit of the State Bank of Pakistan that patronizes the interest based banking.

The religious scholar stressed the need to rewire the structure of the SBP in accordance with the Islamic principles for economy. He also urged all schools of thought to launch a joint movement within the society against the interest.

JI leader Dr Fareed Paracha lambasted the ruling elite in the country for protecting the interest and their heavy involvement in sabotaging the judicial verdicts against the interest.

He said that practically the rulers were serving the interest based banking system. The state bank has been placed out of control of the state, he said, adding that the country was experiencing the highest rate of interest, whereas a very large chunk was earmarked in the budget for payment of interest.

He said that the International Monetary Fund, the World Bank and other monetary institutions use the interest as a tool to cripple the economy of targeted countries.

JI Karachi Ameer Engr Hafiz Naeemur Rehman said that the interest couldn’t be eliminated from the economy despite clear verdicts by the judiciary.

He said that the new generation was looking towards Islamic scholars to find a way out from the interest based economy and a substitute for the prevailing interest based economic system. He added that scholars need to respond to the question.

Justice Retired Zia Sami said that the global movement against the interest was initiated from Pakistan but unfortunately substantial measures are yet to be taken in the country against the interest based economy.

He said that the concept of Islamic Banking has gained popularity in some 90 nations and 40 among those are non-Muslims.

Prof Shahida Wizarat held the interest based economic system responsible for the prevailing inflation and higher rate of joblessness in the society.

She said that the SBP and the IMF are the major obstacles in elimination of the interest based banking and economic system.

FPCCI Senior vice president Salman Chawla, Syed Muhammad Farukh of the University of Karachi, former FPCCI Senior vice president Waheed Khan, Shabir Hussain Mesami, Shariah Board Adviser Mufti Zubair, Former SBP Shariah Compliance Board Director Munir Ahmed Mansori, Senior Journalist Maqsood Yousfi and others also expressed their views on the issue.

Copyright Business Recorder, 2023

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