Religious scholars, economic experts, academics, traders and industrialists on Saturday demanded a clear roadmap for the replacement of the interest-based economy with a system aligned with the Islamic principles as per the verdict by the judiciary against the interest.
They spoke at a seminar organised by the Jamaat-e-Islami. Religious scholar Mufti Muneebur Rehman delivered the keynote address. He covered various aspects of the matter and stressed the need for an active role by the stakeholders for the elimination of interest-based system.
He said big investors, traders and industrialists could play a vital role against the interest-based economy by completely switching to Islamic banking. He also highlighted the significance of the political will in this regard and lamented that the Islamic banking sector in the country had to operate under the ambit of the State Bank of Pakistan (SBP) that patronises the interest-based banking.
The religious scholar stressed the need for rewiring the structure of the SBP in accordance with the Islamic principles for economy. He also urged all schools of thought to launch a joint movement within society against the interest.
JI leader Dr Fareed Paracha lambasted the ruling elite in the country for protecting the interest-based system and their heavy involvement in sabotaging the judicial verdicts against interest.
He said that practically the rulers were serving the interest-based banking system. The SBP had been placed out of control of the state, he said, adding that the country was experiencing the highest rate of interest, whereas a very large chunk was earmarked in the budget for the payment of interest.
He said the International Monetary Fund (IMF), World Bank and other monetary institutions used interest as a tool to cripple the economy of targeted countries. Karachi JI Emir Hafiz Naeemur Rehman said interest could not be eliminated from the economy despite clear verdicts by the judiciary.
He said the new generation was looking towards Islamic scholars to find a way out from the interest-based economy.
Justice (retd) Zia Sami said the global movement against interest was initiated from Pakistan but unfortunately substantial measures were yet to be taken in the country against the interest-based economy.
He said the concept of Islamic Banking had gained popularity in some 90 nations and 40 among them were not Muslim countries.
Prof Shahida Wizarat held the interest-based economic system responsible for the prevailing inflation and higher rate of joblessness in society. She said the SBP and IMF were major obstacles in elimination of the interest-based banking and economic system.
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