LAHORE: Islam’s finance and banking system discourage accumulation of wealth in few hands.
This was stated by Umar Farooq Quddoosi, an expert on Islamic financial system, while talking to reporter here on Friday.
He stressed the need to promote Islamic financial and banking system in society to avail benefits of Riba-free economy. “Islam has guided us to the right path in each and every sphere of life and laid down the principles, which can act as a guidelines for all individuals and institutions, ” Quddoosi said.
He said that interest or Riba is not allowed in Islam on any transaction, and it is strongly condemned.
“In order to stay in the parameters prescribed in Islam, Riba should not be part of any financial transaction. However, regrettably, it has long been in practice in our society in different forms and shapes, ” he said.
He said that Islamic banking is a concept that is based on Sharia principles, and its structure is different from the conventional banking system, in its essence, nature and spirit.
He said that the interest based transactions help wealth to be accumulated in fewer hands in society and the businesses or entrepreneurs are victimised. This creates imbalance in society by which the rich
become richer and the poor go poorer, and such a situation may lead to chaos, he feared.
The Islamic financial expert said “through Islamic banking, we can meet financial needs and requirements of the entrepreneurs”. Quddoosi said that all those who believe in Islam must implement the junctions of Islam in letter and spirit and ensure fairness in rights and duties of labourers and investors, etc.
He said there is a basic difference between capitalism and Islamic financial system. “Capitalism protects wealthy people while Islam wants to ensure protection of labourers and other poor segments of society, ” he elaborated.