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Pakistan reverses Islamic banking law

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    Pakistan reverses Islamic banking law

    BBC


    The News
    "The judgments declaring that there is no room for Riba in Islam in any form and setting a dead-line for the government to switch over to an alternate banking and financial system passed by Shariat Appellate Bench on December 23, 1999 and November 14, 1991 were set aside by the Apex Court while sallowing Civil Shariat Review Petition No. 1 of 2000 filed by the United Bank Limited."

    So once again the Apex Court has shown that what they really stand for. I am sure that they have kept in mind the Prosperity and betterment of Pakistan and its people, or may be, they think that they are better than their creator in taking care of Pakistan and its people.

    So what’s next….




    [This message has been edited by MiniMe (edited June 24, 2002).]
    بِن دانا پانی میں جی لواں
    بِن انَک میں جی نہ سکاں

    #2
    I think its a big step in the right direction..

    Comment


      #3
      Pakistan ki jeet, Mullah ki maut.

      Comment


        #4
        Originally posted by Adnan Ahmed:
        I think its a big step in the right direction..
        To abandon Islam is a big step in the right direction?

        Comment


          #5
          adnan ahmed

          step in the right direction are you sure.

          One minute islamic banking next minute no islamic banking, this itself should show the government is so schizophrenic they don;t know what to do and are incompetent!

          Comment


            #6
            As I don't know the details of the issue and what exactly was considered 'Riba' before and what is considered 'OK' now, so I will go with a general rule.

            The interest is prohibited in Islam as it devises a selfish system, where the rich gets richer based on the poor's earnings-and so its made illegal to safe guard the poor.

            If in a situation where the rest of the world is strictly following the interest route & the already poor Islamic countries make all kinds of money gains illegal, the poor are bound to be hurt.

            In my opinion, with the situation there should be two banking systems. One according to the International norms and the other according to the Islamic ones. People should be given the choice to pick the system they want to be in.

            Those who want to abolish all kind of interest from the society (which include myself) should work to make their respective country strong enough that it doesn't have to ask others for loans. Otherwise, like the situation of Pakistan today, we will be going into a downhill spiral where we take money and pay huge amount of interest but on the other hand lend out money to investors & don't expect even the devalued amount back. When added with the taste of corruption as is in the case in Pakistan, its a chemistry of financial disaster.

            Comment


              #7
              You'll finish the interest systems in Muslim countries, the day the Khilafah is resurrected with Osama as its leader.

              In other words: Never.

              Comment


                #8
                The Supreme Court bench has not "abandoned" Islamic banking, it has just reserved judgement, and passed the trial on to the Shariat court cuz many questions were raised in the trial that needed fresh answers, and thats the job of the Shariat Court. The Shariat Court has been asked to do more research and investigate the Islamic banking systems in other Muslim countries to decide how to go about this matter.

                I think that in the future there will be a parallel system of Islamic banking running along with the regular system. Already banks are starting to offer some Islamic modes of banking such as Al-Meezan bank in Karachi.

                ------------------
                "He who lives upon hope only will die fasting."
                "When one bright intellect meets another bright intellect, the light increases and the Way becomes clear." - Rumi

                Comment


                  #9
                  There is a need for a Federally controlled, Muslim banking system in the US and other western nations, now.

                  Comment


                    #10
                    Originally posted by The Godfather:
                    To abandon Islam is a big step in the right direction?
                    I dont think is abandoning Islam... Our problem in Pakistanb is that we try to be such pious people, that even the slightest sign of something being "unIslamic" is suddenly the countries biggest problem. "Islamic Banking" is not practical, most bankers agree, the system is flayed. The whole argument is preventing us from getting much needed investemnt in the Banking sector. Lets be practical, we will never be a PERFECT society... Lets worry about the real problems, how to feed, clothe, educate the millions who dont even have acces to the BASIC needs.

                    Comment


                      #11
                      Originally posted by ak47:
                      adnan ahmed

                      step in the right direction are you sure.

                      One minute islamic banking next minute no islamic banking, this itself should show the government is so schizophrenic they don;t know what to do and are incompetent!

                      The govt has been kissing Maula a$$ for years... If the Maulas have their way, Pakistan will be deeper in the toilet then ever before. These Maulvis themselves are a bunch of hypocrits. By implementing Islamic banking will not make us a beter society, it will do nothing but make it harder for us to gain foreign investment.
                      Its a step in the right direction, because those in office are sane enough to realize that listening to the Maulas will not change Pakistan economic outlook. They have to accomodate the investors..
                      Its also a right step because it shows that Pakistani leadership is starting to make their own decisions, without folding under the pressure of the clergy.

                      Comment


                        #12
                        Originally posted by ajee:
                        As I don't know the details of the issue and what exactly was considered 'Riba' before and what is considered 'OK' now, so I will go with a general rule.

                        The interest is prohibited in Islam as it devises a selfish system, where the rich gets richer based on the poor's earnings-and so its made illegal to safe guard the poor.

                        If in a situation where the rest of the world is strictly following the interest route & the already poor Islamic countries make all kinds of money gains illegal, the poor are bound to be hurt.

                        In my opinion, with the situation there should be two banking systems. One according to the International norms and the other according to the Islamic ones. People should be given the choice to pick the system they want to be in.

                        Those who want to abolish all kind of interest from the society (which include myself) should work to make their respective country strong enough that it doesn't have to ask others for loans. Otherwise, like the situation of Pakistan today, we will be going into a downhill spiral where we take money and pay huge amount of interest but on the other hand lend out money to investors & don't expect even the devalued amount back. When added with the taste of corruption as is in the case in Pakistan, its a chemistry of financial disaster.
                        I dont know yaar... While we all want to live in a society free of selfishness, corruption and greed, we have to admit that with or without Islamic Banking, these will always exist.. In Pakistan,its rampant in every part of the society. How can changing the banking system change that fact?
                        Also, if we want to live in a free market economy, a system which has proven itself in many other countries, we ave to realize that we will have to adopt certain principles inherent in a capatalist system. Capatalism is in certain ways selfish, but you have to remember the invisible hand principle. Eventually, our "selfish" desires end up helping more than hurting.
                        Also, implementing both the two systems will lead to more problems, including ethical problems. First, the point in Islamic banking is to rid the society of the "selfish" interest banking. If we implement both systems, then we are not ridding ourselves of the problem. We cant have the problem existing alongside the solution. Second, Pakistan NEEDS investement, keeping both systems will further complicate our investment environment. We wanr to keep things as simple as possible.

                        Comment


                          #13
                          Originally posted by Adnan Ahmed:
                          I dont think is abandoning Islam... Our problem in Pakistanb is that we try to be such pious people, that even the slightest sign of something being "unIslamic" is suddenly the countries biggest problem. "Islamic Banking" is not practical, most bankers agree, the system is flayed. The whole argument is preventing us from getting much needed investemnt in the Banking sector. Lets be practical, we will never be a PERFECT society... Lets worry about the real problems, how to feed, clothe, educate the millions who dont even have acces to the BASIC needs.
                          So you mean that when Allah declared interests of being Haram then its only aplicaple to a perfect islamic society ?

                          It not a matter of what you gain or loose economically by only allowing interestfree banking, but rather to follow the path that Allah has told us.
                          Personally I think that any law which is implemented because of what Islam prescibes us is a step foreward in the right direction.
                          Interest free banking is one of those steps, no matter how costly it must be.
                          Secondly I dont think that Pakistan would loose anything but gain by interest free banking, otherwise our belief in the superiority of Allah is hypocritical.

                          Comment


                            #14
                            ZII, why are you living in kafir country? Come back to the pure Islamic Republic of Pakistan.

                            Comment


                              #15
                              Originally posted by ZII:
                              So you mean that when Allah declared interests of being Haram then its only aplicaple to a perfect islamic society ?

                              It not a matter of what you gain or loose economically by only allowing interestfree banking, but rather to follow the path that Allah has told us.
                              Personally I think that any law which is implemented because of what Islam prescibes us is a step foreward in the right direction.
                              Interest free banking is one of those steps, no matter how costly it must be.
                              Secondly I dont think that Pakistan would loose anything but gain by interest free banking, otherwise our belief in the superiority of Allah is hypocritical.
                              I dont think its practical.. We will never be able to follow the path of God exactly the way we are supposed to. Why, because faith can be interpreted differently by different people. What seems pious to someone will not be to another. Intrest banking may even be considered to be totally in line wit Islamic beliefs, taking into account the principles of the Invisible hand, whihc basically says, that which seems selfish will ultimately benefit the entire society.
                              As for not being hypocritical, I think Pakistan is already hypocritical. Like I said, lets try to feed our people, educate them, provide them with their basic needs, then we should worry about whether or not we are being hypocritical or not.

                              Comment

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