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- Sunday, July 08, 2012 - From Print Edition


KARACHI: “In Pakistan Islamic banking is being practiced on the basis of supply and demand, and is not mandatory,” said Director Education Jamiatur Rasheed Abdul Aziz Raja.


Addressing a seminar on “A blend of contemporary and religious education,” held at the Korangi Association of Trade and Industry (KATI), Raja said that a banking ordinance was introduced in 1974 but tabled in-house in 1984, under which Islamic banking in Pakistan should be mandatory and not optional.


He said that Islamic banking should be enforced with the Supreme CourtÕs orders. “Islam is a complete code of life and is not limited to a few rituals. It provides a complete economic system,” said Raja. He added that only five percent of the work required to implement Islamic banking and an Islamic financial system had been completed in the country thus far; 95 percent of the work remains undone.


“Jamiatur Rasheed has introduced various courses on the Islamic financial system and economic principles. It offers graduate and post-graduate courses on banking and finance, accounting, book-keeping, supply chain and marketing. The campus constructed in Ahsanabad is modern and has all the required facilities,” said Raja. He invited trade and industry representatives to visit the campus.


Chairman KATI Ehtesham Uddin said that interest-free banking is the need of the hour. He pointed out that interest-free banking is being practiced in Japan and a number of western countries, while Pakistan’s businessmen are being charged double-digit interest. “At this juncture when religious institutions have forgotten modern and technical education, Jamiatur Rasheed, which is imparting the most modern education, is an asset for the nation,” he said. Ehtesham Uddin said that like Jamiatur Rasheed other religious institutions should also impart technical and modern education to their students. President AKIA Mian Zahid Hussain announced that a delegation of industrialists would soon visit Jamiatur Rasheed. He declared Jamiatur Rasheed a blend of modern and Islamic education.


Sardar Yasin Malik advised representatives of religious institutions to also provide technical education to their students so that they could compete with other people. He proposed the name ‘Al-Rasheed University’ for Jamiatur Rasheed.