Promotion of culture of Islamic Economic system: need for sustained publicity campaign stressed

A comprehensive publicity and promotional campaign must be launched on regular basis to promote culture of Islamic Economic system with a focus on Islamic Banking, said Rana Muhammad Sikandar-e-Azam President Faisalabad Chamber of Commerce & Industry (FCCI).

He was addressing a seminar and "Road Show" organized by Al-Huda Centre of Islamic Banking and Economics. He said that Pakistan is an Islamic country but share of Islamic Banking in this country is only 14%. He further told that most of people hate 'Riba' from the core of their heart but they have no alternative to continue their businesses.

He said that now when Islamic Banking has been started and its facilities are available throughout Pakistan, a comprehensive Publicity campaign must be launched for the awareness of each and every citizen of Pakistan. He told that it is their duty to introduce Islamic Banking based on "Riba Free" system. He further told that being Muslim; we are duty bond to adopt Islamic banking in addition to convincing other fellow Muslims to practice it as it is a divine commandment.

He further told participation in this seminar is a noble cause which will not only help us to earn worldly benefits but also earn blessings of Allah Almighty. Mufti Raees Ahmed Shariya advisor of Al-Huda -CIBE told that under well planned program, they have launched a month long Road Show. It started from Peshawar from 1st November and will culminate at Karachi on November 30. During this journey the Road Show will visit all major cities of Pakistan where seminars would also be held with the courtesy of chambers, universities and other trade bodies.

About the role of Al-Huda Centre of Islamic Banking and Economics, he told that it has been mandated to promote Islamic Banking in addition to introducing "Hilal" certificate for different eatables. "We have so far issued Hilal certificates to more than 50 institutions who are engaged in producing different kinds of preserved food.

Mufti Raees Ahmed also tried to make difference between trade and Riba and said that trade is Hilal but Riba in all its manifestation is prohibited by Allah Almighty.

About issues which are not explicitly mentioned in Quran or Hadees, he told that we are allowed to switch over to "Ijtehad" by applying our own mind in the prevailing circumstances. He further told that there may be difference of opinion in such case between different Ulmas but Muslims must apply their own mind and heart to select any "Fatwa".

Mufti Raees criticized and said that saving as well as current accounts in a conventional bank are prohibited as their money could be utilized in profitable but in any un-Islamic project.

Zafar Iqbal Sarwar Senior Vice President said that most of the businessmen try to save themselves from Riba but there are very limited options in Islamic Banking for them.

Copyright Business Recorder, 2019