Islamabad : A one-day international seminar on “Debt, Credit and Islamic Epistemology” was held at Allama Iqbal Open University (AIOU). Professor of Islamic Economics and Islamic Finance, Qassim University Qassim, Kingdom of Saudi Arabia, Prof. Dr. Toseef Azid was the keynote speaker, while Dean, Faculty of Arabic and Islamic Studies, Prof. Dr. Shah Muhyiddin Hashmi presided over the seminar. Prof. Dr. Toseef Azid emphasized that debt is not only an economic problem but also a serious mental, social, and political issue. He also added that debt is a burden and a disease that does not go away once contracted. Dr Toseef said the increased rate of debt is often a result of people’s desires to change their lifestyles, which leads them to take on debt.
Discussing debt from an Islamic perspective, Dr. Toseef stated that in Islam, only Qarz e Hasna is allowed, and it should be used to fulfill basic needs. He quoted a hadith that emphasizes how one who falls into debt often lies and breaks promises. Dean, Faculty of Arabic and Islamic Studies, Prof. Dr. Shah Mohiuddin Hashmi, introduced the faculty and highlighted that the AIOU is prioritizing Islamic Finance and recently started a BS program in that field. He also announced that the university is launching a research journal next year. He thanked the Vice-Chancellor, Professor Dr. Nasir Mahmood, for his support and patronage in organizing the seminar and added that this seminar is a part of the ongoing Golden Jubilee celebrations at the university. The Department of Islamic Thought organized the seminar, and Dr. Abdul Rahman hosted the event.