In order to put into practice Islamic banking and Islamic financial system only 5 percent work has been done in the country so far while 95 percent work is yet to be completed, Director Education, Jamiatur Rasheed Abdul Aziz Raja and Mufti Irshad Ahmed said here on Saturday.
Speaking at a seminar on a case study on "A Blend of Contemporary and Religious Education", at Korangi Association of Trade and Industry (KATI) on Saturday, Raja said Islam is a complete code of life and it gives complete economic system.
Referring to Islamic banking in the country, he expressed that Islamic banking in Pakistan is being practised on the basis of supply and demand and not as mandatory by the government. He said that banking ordinance was introduced in 1974 but tabled in the house in 1984, under which the Islamic banking in Pakistan should be mandatory and not the optional.
Citing Supreme Count order, he said that under Supreme Court's order the Islamic banking should be enforced. Mufti Irshad Ahmed said that Jamiatur Rasheed has introduced various courses on Islamic financial system and economic principles and offer graduate and post graduate courses on banking and finance, accounting, book-keeping, supply chain and marketing, etc and the campus constructed in Ahsanabad is most modern and equipped with all required facilities.