5 Interactive Distance Learning Programs on Islamic Banking and Finance

Wednesday, April 1, 2009

Muslim world urged to promote Islamic banking

RAWALPINDI: The Muslim countries should promote Islamic banking, as its basic aim was not to make money at the cost of people but to play an effective role in eliminating interest.

This was said by speakers in a seminar on “Islamic banking and Takaful” held at Fatima Jinnah Women University here on Tuesday.

Al-Huda Center of Islamic Banking and Economics organized the seminar in collaboration with Pak-Kuwait Takaful Company.

Abdul Wadood Khan, a senior scholar, was guest speaker on the occasion.

Khan highlighted various aspects of conventional banking in the light of Islamic teachings.

“Loan is an indispensable need of mankind. Trade, industry, governments and welfare organizations very frequently and rich persons occasionally need loans, but the loan lending should be free of interest. Islam prohibits interest and highly recommends interest-free loan,” he said.

Pak Kuwait Takaful Company representative Adnan Akhtar briefed the participants about Takaful, an Islamic way of insurance.

He said Takaful was based on mutual contribution to furthering good by helping others in need.

He said Pak-Kuwait Takaful was the first Islamic insurance company in Pakistan that believed in promoting the cause of Takaful as well as of insurance business all over the country.

Islamic Relief Fund representative Shazia Hassan also spoke on the occasion and highlighted the concept of Islamic banking.

The seminar was followed by a question-answer session. In the end, certificates were also awarded to the speakers and organizers of the seminar. Staff Report
--Daily Times

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