ISSN 2330-717X

Pakistan WIFF 2022 Demands End Of Riba In Five Years

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Highlighting economic repercussions of Riba, World renowned Islamic financing expert Mufti Taqi Usmani said it was vital to promote Islamic banking to establish social just and equality. 

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Addressing as the Chief Guest of World Islamic Finance Forum (WIFF) 2022, he said getting rid of Riba would bring prosperity in the society as Riba was clearly forbidden in Holy Quran and people of different faiths were unanimous on this issue.

“Future belongs to Islamic banking and experts should firmly resolve to put up a Riba-free system and its roadmap within next five years in light of recent Federal Shariat Court decision” he added.

The 2-day forum has been organized by Institute of Business Administration, which was attended by a large number of experts from other countries besides delegates of Islamic Banks and financial institutions. 

Former chairman of Reut e Hilal Committee and renowned scholar Mufti Munibur Rehman termed blind following of Western directives and hesitation on divine directives as ‘hypocrisy’.

Asking for essential changes in structures of traditional banking, he urged for the practical measures and resolving issues instead of doing philosophical or ideological wordsmithing. 

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“The government should set up an empowered task force, which would pave the way while removing obstacles in implementation of the decision. There is an urgent need for mind making of masses as people usually prefer profit over Haram o Halal parameters.” 

Former Governor of State Bank of Pakistan (SBP) and Chairman IBA CEIF Dr. Ishrat Hussain said IBA had been playing a key role in Islamic Banking sector by developing experts of Islamic Banking. 

Deputy Government SBP Ms. Seema Kamil said that we had a goal of ending poverty through Islamic Banking and it was an achievable goal.

Assuring that SBP wanted to switch the whole system to Islamic banking, she revealed that there was a 25% increase in Islamic Banking and it was playing a vital role in growth rate.

The forum was also address by Director IBA’s Centre for Excellence in Islamic Finance Ahmed Ali Siddiqi, IBA Executive Director Syed Akber Zaidi, President, Meezan Bank,  Irfan Siddiqui, Amir Khan, Chairman Security Exchange Commission of Pakistan, Rizwan Hussain, Managing Director Salam Takaful, Yousuf Hussain, President Faysal Bank and others.

Shabbir H. Kazmi

Shabbir H. Kazmi is an economic analyst from Pakistan. He has been writing for local and foreign publications for about quarter of a century. He maintains the blog ‘Geo Politics in South Asia and MENA’. He can be contacted at [email protected]

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