Seminar on Islamic Financial System

The solution of all economic problems confronting the Muslim Ummah is lying in interest-free economy and Islamic Banking as per injections of Quran and Sunnah. This was stated by speakers at a seminar titled Islamic Financial System and Modes of Finance arranged by the Institute of Business Management Sciences, University of Agriculture Faisalabad. The session was presided over by UAF Vice Chancellor Prof Dr Iqrar Ahmad Khan while Social Sciences Dean Prof Dr Iqbal Zafar, Faisalabad Chamber of Commerce and Industry President Suhail Bin Rashid, Meezan Bank Product Development Shariah Executive Vice President Ahmad Ali Siddiqui, Meezan Bank Regional Manager Anwar-ul-Haq, IBMS Director Prof Dr Munir Ahmad and Dr Sehrish also spoke on the occasion. Prof Dr Iqrar Ahmad Khan said that world total volume of Islamic banking has touched Rs. 1.3 trillion dollar. He said that in the European Union countries, the system was also getting popularity. Islam is a religion of peace and providing the solutions to all the problems facing the world. He said that Pakistan was blessed with talented people. By giving them proper trainings and education, we can move the country to the new horizon of the progress. He said that it was need of the hour to hone entrepreneurship skills among the students in order to fight unemployment. The University was taking all possible steps in this regard. Prof Dr Iqbal Zafar said that capitalism had increased the gap between haves and have nots. He said that Islamic financial system was the best model to address the issue in order to end the poverty. He added that one third of the country total population was living below the poverty line. He also stressed the need to promote the honesty and education among the segments of the society. Suhail Bin Rashid also said that the Islamic financial system was guarantee of solutions to financial problems. He added that Faisalabad was the second largest economic hub of the country. It is need of the hour to increase the awareness among the masses rereading the Islamic banking. He said that companies from Europe and other parts of the globe are willing to invest in Pakistan. The improved law and order situation will encourage the European companies to invest here. Ahmad Ali Siddiqui said Allah Subhanatallah prohibits Saud (Interest) and declares it fight against Him and His Holy Prophet. He said that the people should come out from the ‘exploitation’ of traditional banking system. He said trade is allowed whereas interest (saud) is prohibited in Islam. He added that Dubai and Malaysia are making conscious efforts to become the hub of the Islamic banking. Pakistan can also tap the opportunity by prompting and strengthening the Islamic banking. Anwar-ul-Haq said that they were aimed at establishing Islamic banking as banking of first choice to facilitate the implementation of an equitable economic system, providing a strong foundation for establishing a fair and just society for mankind. He said that as many as 337 branches of Meezan Bank were operating in 99 cities. Dr Munir Ahmad said that the UAF has developed the strong relations with the industry. He said that universities are the hub of knowledge generation. UAF collaboration with industry in research will pave the way for the development.