ISLAMABAD: Minister for Religious Affairs and Interfaith Harmony Senator Muhammad Talha Mahmood emphasized the need to explore alternative economic models that align with Islamic principles.
Addressing a seminar on Interest-Free Economy, organized by the Islamabad Chamber of Commerce and Industry (ICCI), he further highlighted the importance of adopting Islamic economic principles.
Senator Talha shed light on the Islamic perspective on trade and usury,
drawing from the Holy Quran saying that Allah Almighty had declared trade
as halal (permissible), while usury (riba) was unequivocally declared as
haram (prohibited).
He further reminded the audience of the vision of Quaid-e-Azam, who
expressed his determination to replace the usury system of the West with
an Islamic economic system during the opening ceremony of the State
Bank of Pakistan (SBP) on July 1, 1948.
He urged the attendees to reflect on the consequences of engaging in
usury, questioning whether economic prosperity could truly be attained
while defying the commandments of Allah Almighty.
The Senator also highlighted the legal stance on usury, referencing rulings
from the Federal Shariat Court and the Supreme Court of Pakistan.
Both courts had previously declared usury as contrary to the clear
commandments of Allah Almighty, he added.
He said the highest court of Pakistan had explicitly ordered the cleansing of
the national financial system from usury, deeming it illegal and prohibited
even according to the Constitution of Pakistan.
The seminar served as a platform for participants to engage in thoughtful
discussions on interest-free economic systems and explore avenues to
promote and implement these principles in the national financial framework.
It concluded with a renewed commitment from the ICCI to advocate for an
interest-free economy in Pakistan, in alignment with Islamic principles.
The seminar provided valuable insights and highlighted the importance of
embracing an economic system that adheres to Islamic teachings, ensuring
ethical practices and sustainable growth for the nation.
It commenced with the President of ICCI Ahsan Zafar Bakhtawari
expressing his gratitude to Senator Talha for gracing the occasion with his
presence.
