Islam not only prohibits and strongly condemns usury (Riba) but indulgence in interest based lending is paramount to declaration of war against Allah and Prophet (PBUH).
This was stated by Mahmood Ashraf, FCMA while speaking at a seminar on 'Riba' Why is 'Interest' so strongly prohibited? organised by the Institute of Cost and Management Accountants of Pakistan (ICMAP) here on Monday.
Mahmood Ashraf, FCMA highlighting the economic principles of Islam explained why Islam abhors debt and strongly discourages it and urges that individuals live within their means.
He explained the two dimensions of Islamic Economic System, which provides a wide range to struggle and rise to the higher level of piety. Primary focus of Islam was on the spiritual system which was test of piety and free well and encourages believers to distribute their entire surplus wealth for the welfare of society and needy.
Renowned Educationist, Dr Abdul Wahab, Executive Director, State Bank of Pakistan, Jameel Ahmed and Honorary Secretary ICMAP, Mohammad Arif Nara also spoke on the topic. At the end of the deliberations; Chairman of Karachi Branch Council, ICMAP Muhammad Shafi Zakaria presented vote of thanks on behalf of the ICMAP and Karachi Branch Council.
The seminar was attended by representatives of national and multinational companies, chief executives, CFO, economists and scholars besides members of ICMAP.-PR
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