http://www.dawn.com/2005/05/26/nat9.htm

May 26, 2005 Thursday Rabi-us-Sani 17, 1426

Benefits of Islamic banking highlighted

By Our Staff Reporter

RAWALPINDI, May 25: Renowned scholar and senior adviser to the Islamic
Research Institute of the Islamic Development Bank, Saudi Arabia, Dr
Mohammad Umar Chapra has stressed the need for implementing Islamic
banking and economy system for setting up a true welfare state.

The visiting scholar was delivering a lecture on the topic of
`Prohibition of Interest in Islam; Does It Make Sense?' at Al-Mizan
Campus of Riphah International University (RIU) on Wednesday.

The lecture was largely attended among others by senior economists,
bankers, students and faculty members of the RIU and Islamic
International Medical College (IIMC).

Dr Chapra spoke in detail on economic system in Islam which, he said,
was based on the welfare of mankind with the emphasis on ethical values.

He was of the view that the prevailing banking system in the world did
not solve the problems faced by the masses and augmented exploitation.

Dr Chapra expressed the view that by adopting true Islamic system of
economy and banking, a welfare society could be created where people
were saved from exploitation and their basic needs were met. Tracing
the history of Riba, Dr Chapra said it was one of the tools used for
concentration of wealth in a few hands leaving others deprived. He
gave examples of Riba-free banking in various Muslim countries and
said with more research on the subject they would be able to have a
system aimed at the welfare of people on one hand and economic
development on the other.

The lecture was followed by a question-answer session.

Later, the RIU vice-chancellor, Dr Anis Ahmad, presented the
university crest to the visiting scholar. Principal of the IIMC Lt-Gen
(retired) Najam Khan also gave a shield to the guest.

Earlier, Dr Chapra had also delivered a lecture on "Meeting the Global
Challenge: The Role of Islamic Economies" at the Institute of Policy
Studies, Islamabad on Tuesday.

Japanese Ambassador Nobuaki Tanaka and IPS Chairman Senator Prof
Khurshid Ahmed were also present on the occasion.

Dr Chapra said the trend of living beyond one's means gave rise to
inflation and indebtedness of individuals as well as states. Those who
consume beyond their means do so at the cost of others who find it
difficult to live a decent life.

So we need to `inject moral dimension' if we really want to get rid of
unjust distribution of wealth, he added.










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