11-11-2004, 04:44 PM
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salaam all,
i ve been involved in research report abt islamic banking n its implementation in pakistan.
wht i feel is tht a true islamic banking system doesnot exisit, n it cannot exist, unless a truely islamic economic system is implemented.
newyork (USA) published a detailed report abt this topic, with the collaboration of internationally acclaimed muslim n non muslim scholars, sconomists, n politicians. mr. shokat aziz, n governor of SBP etc have also participated in the developmet of tht report. this report says tht none of the muslim countries have yet been able to define a true islamic economic system, wht it shall do, how it shall do, wht it shall look like etc etc etc.n i read all this in DAWN newsppr some weeks back.
since our economy is not islamic, it is based on interest (riba), our political system n economic system (jointly) r responsible for all this. our govts take loans from IMF, WB, other financial institutions etc on interest, so our economies r poluted. therefore, every single business tht operates under this economy is also polluted with interest. ppl claim tht banks r the only culprits to deal in interest. my point of view is tht companies r equally responsible for it too. one of the regular source f income for companies ir interest revenures n interest dividends tht they get by there investing activities. they also pay huge ammounts in terms of interest expenses to others in their financing activities. all this is obvious in stmt. of cash flows. so i feel tht, virtually, all bussinesses r dealing in interests (riba), let alone banking sector.
as far as hala haram debate matters, i generally find two schools of thoughts, specially, in religious terms. one is sunni n one is ehl-e-tashee. scholars of former one strongly call banking as 'haraaam' while the later one calls is 'halaaal'. i dont know if subgrous of these two main schools r of some different opinion.
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FARHAN
live, n let live ...
salaam all,
i ve been involved in research report abt islamic banking n its implementation in pakistan.
wht i feel is tht a true islamic banking system doesnot exisit, n it cannot exist, unless a truely islamic economic system is implemented.
newyork (USA) published a detailed report abt this topic, with the collaboration of internationally acclaimed muslim n non muslim scholars, sconomists, n politicians. mr. shokat aziz, n governor of SBP etc have also participated in the developmet of tht report. this report says tht none of the muslim countries have yet been able to define a true islamic economic system, wht it shall do, how it shall do, wht it shall look like etc etc etc.n i read all this in DAWN newsppr some weeks back.
since our economy is not islamic, it is based on interest (riba), our political system n economic system (jointly) r responsible for all this. our govts take loans from IMF, WB, other financial institutions etc on interest, so our economies r poluted. therefore, every single business tht operates under this economy is also polluted with interest. ppl claim tht banks r the only culprits to deal in interest. my point of view is tht companies r equally responsible for it too. one of the regular source f income for companies ir interest revenures n interest dividends tht they get by there investing activities. they also pay huge ammounts in terms of interest expenses to others in their financing activities. all this is obvious in stmt. of cash flows. so i feel tht, virtually, all bussinesses r dealing in interests (riba), let alone banking sector.
as far as hala haram debate matters, i generally find two schools of thoughts, specially, in religious terms. one is sunni n one is ehl-e-tashee. scholars of former one strongly call banking as 'haraaam' while the later one calls is 'halaaal'. i dont know if subgrous of these two main schools r of some different opinion.
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FARHAN
live, n let live ...
