Islamic Banking Seminar rated as excellent
Mr. M. Ashraf Janjua suggested that factors
including inflation must be duly taken care of
By Shabbir H. Kazmi
July 30 - Aug 05 , 2001
Hamdard University organized a one-day seminar on
Zero Interest Banking held on Thursday, July 12, 2001 at Hotel Pearl
Continental, Karachi, which was inaugurated by Dr. Abdul Hafeez Shaikh,
Finance Minister Sindh. Other eminent speakers included: Dr. Ismail
Saad, Vice Chancellor, Hamdard University, Dr. Ali Sarwar Rizvi,
Director, HIMS, Hamdard University, Mr. Shahid Jamil, FCA an
International Consultant on Zero-Free Banking specially arrived from
the UK to address the seminar. Others who spoke on the occasion were
Dr. Ghulam Murtaza Malik, an eminent Islamic Scholar, Dr. Arshad Zaman,
Former Chief Economist & Special Planning Secretary Government of
Pakistan, Dr. Tariq Hassan, Advisor to the Finance Minister and Member
Task Force, Ministry of Finance, Syed Iradat Hussain, Founder Chairman
Modaraba Association of Pakistan and Former President MCB, Mr.
Imran-ul-Hasan, Consultant, Re-engineering & Change Management,
Mr. Sultan Ahmad, Senior Columnist & Dr. Ahsan H. Khan, Divisional
Head, Islamic Banking Division, United Bank Limited.
In his inaugural address, Dr. Abdul Hafeez Shaikh
said that the experiences of other Islamic countries should become the
benchmark in introducing a Riba-Free system in Pakistan. "This
would ensure an effective and pure Riba-Free system in letter and
spirit." This was stated by Dr. Abdul Hafeez Shaikh that "
Riba-Free system should not be adopted in isolation, as changes were
needed in laws and assurance of good governance, transparency
etc," he further added.
The seminar, attended by eminent scholars and
bankers stressed upon the need for quick implementation of Riba-Free
system while emphasizing that many factors must be considered before
embarking on this change.
Dr. Tariq Hasan, Advisor to the Finance Minister
and Member Task Force, Ministry of Finance traced in detail the
introduction of this system in Pakistan and suggested more research.
Dr. Malik Ghulam Murtaza, an eminent Islamic
scholar criticized IMF and the forces opposed to this system. " I
am happy to learn that a leading nationalized commercial bank UBL is
poised to introduce Modaraba, Mutual Funds and other Islamic products.
This would be a positive step in the right direction."
Dr. Arshad Zaman, Former Chief Economist &
Special Planning Secretary Government of Pakistan & Mr. Zaigham
Mahmood Rizvi, Managing Director Pak-Kuwait Investment Company traced
historical perspective of Islamic Banking & suggested how it could
be implemented in the present day society.
Dr. Ahsan H. Khan, Divisional Head, Islamic Banking
Division, UBL suggested that Islamic Banking products will have to be
structured in such a way that they intrinsically comply with Shariah
Mr. Imran-ul-Hasan, Consultant, Re-engineering
& Change Management, in his paper "Islamic Banking, a case
for Managing Change" dwelt upon how people resist change &
emphasized the need to formulate new Shariah Compliant business models
tailored to market requirements.
At the after-noon session, in his keynote address,
Mr. M. Ashraf Janjua, Chief Economic Advisor & Secretary
Commission for Transformation of Financial System, SBP suggested that
factors including inflation must be duly taken care of.
The technical delegates from various banks &
financial institutions rated the seminar as excellent.