Islamabad : “We should replace the interest system with a system of charity and encourage giving soft loans and Qarz e Hasna for Islamic finance”, said Chairman Akhuwat Foundation, Dr. Amjad Saqib, while addressing the opening session of a three-day international conference on “Advancing Islamic Finance” held at Allama Iqbal Open University (AIOU). Dr. Saqib further stated that to create a strong society, we must eradicate the interest system and eliminate dishonesty, fraud, bribery, nepotism, adulteration, and corruption from our lives. A financial system free from interest can be achieved only when we change ourselves and our attitudes towards these malpractices.
Dr. Saqib revealed that the Akhuwat Foundation initially provided a woman with a loan of 10,000 rupees, which eventually increased to 210 billion rupees and has been distributed as loans to 40 lac families. Vice Chancellor AIOU, Prof Dr. Nasir Mahmood, expressed that despite having sufficient material in the form of books and research, we have not been able to bring about any change in the economic system, either theoretically or practically. Dr. Amjad’s success serves as a model for us all. Dr. Nasir added that we can obtain guidance on all matters, including finance, from the Quran and Sunnah. By following the Islamic principles of Zakat, Sadaqat, and Qarz e Hasana, we can create a more beautiful society. Dr. Nasir also emphasized the importance of such conferences.
Dean, Faculty of Arabic and Islamic Studies, Prof. Dr. Mohyuddin Hashmi presented the aims and objectives and said that there will be two parallel sessions and panel discussions every day, in which 125 papers will be presented on different topics. Islamic finance is the driving force for sustainable development and this conference is a ray of hope in this context. Dr. Fawad Khalil of Edinburgh Napier University, UK and Director, Institute of Management Sciences, Peshawar, Dr. Usman Ghani were among the other speakers. This conference was jointly organized by the Department of Islamic History and Culture, AIOU, and Center for Excellence in Islamic Finance, Institute of Management Sciences Peshawar in collaboration with Higher Education Commission and Jamia Muhammadi Sharif, Chiniot.