KARACHI: Speakers at World Islamic Finance Forum here on Monday called for the earliest concrete actions towards converting to riba-free finance system and economy of the country.
The two-day WIFF-2022 has been organized by Center for Excellence in Islamic Finance (CEIF) at Institute of Business Administration, Karachi. This is 3rd forum and its theme is ‘Development of Islamic Finance Ecosystem for Global Prosperity’.
In his video link speech, Mufti Taqi Usmani urged the entire humanity especially the Muslim Ummah to get rid of riba (interest) as it would salvage the mankind from economic and social disorders.
“Riba free economy is must not only for Muslims but for the humanity as a whole. There is solution of many problems facing the world, ” he asserted.
He said our last prophet Hazrat Muhammad (PBUH) in his last sermon on Jummat-ul-Wida very clearly and strictly prohibited riba as it is declared ‘haram’ in our holy book Qura’an.
Mufti Taqi Usmani said the world economies including the financial systems are faulty, which needed immediate reforms. The world economies had been experiencing shocks but unfortunately these were not reformed to conformity with the Quraan, the Holy Book of Allah Almighty who is the creator of the entire universe.
He declared the recent decision of Shari’ah Court of Pakistan as historic under which there would be total ban on riba in Pakistan’s financial system and the economy as a whole.
“The solution lies only in, we must make our life in conformity of with the holy Qura’an, ” he reassured. It was high time to make a road map for fastest conversion of our economy into riba-free to come out of economic and social challenges, and above all earn the blessings of God Almighty. He appreciated the efforts of IBA for hosting this great event for promotion of Islamic finance.
Chairman IBA -CEIF, Dr. Ishrat Husain said WIFF-2022 has brought together Shari’ah scholars, renowned academicians, leading Islamic bankers, regulators as well as prominent personalities from global Islamic financial and infrastructural institutions to deliberate on issues and challenges faced by the industry.
He hoped the participants of the forum would come up with concrete solutions towards conversion of finance system and the economy conformity with Islam.
He said IBA Karachi’s Centre for Excellence in Islamic Finance had been actively working for the promotion and development of Islamic finance.
Deputy Governor of State Bank of Pakistan Ms. Seema Kamil spoke of the scope of Islamic banking in Pakistan and the steps taken by the Central Bank in this regard.
She hoped that tangible results would come out of this conference. Meezan Bank Limited’s Chief Executive Officer Irfan Siddiqui highlighted the policy and systematic changes done in his bank for fast conversion to Islamic banking. Chairman of Securities and Exchange Commission of Pakistan Aamir Khan proposed the formation of high level steering committee under Federal Finance Ministry for quickest possible conversion of finance system into truly Islamic one. Dr. Muhammad Imran from Bank Alfalah spoke of his bank’s plan for full conversion to Islamic finance.