Karachi, Islamic banking in Pakistan is being practiced on the basis of supply and demand and not as mandatory by the government, said Director Education, Jamiatur Rasheed Abdul Aziz Raja.
Addressing at a seminar on a case study on A Blend of Contemporary and Religious Education , held at Korangi Association of Trade and Industry (KATI), Raja said that banking ordinance was introduced in 1974 but tabled in house in 1984, under which the Islamic banking in Pakistan should be mandatory and not the optional.
He said that under Supreme Court s order the Islamic banking should be enforced. Islam is a complete code of life and not just for a few ritual and gives complete economic system , said Raja adding that in order to implement Islamic banking and Islamic financial system only 5 per cent work has been done in the country so far while 95 per cent work is yet to be done.
He said that Jamiatur Rashedd has introduced various courses on Islamic financial system and economic principles and offer graduate and post graduate courses on banking and finance, accounting, book-keeping, supply chain and marketing, etc. and the campus constructed in Ahsanabad is most modern and equipped with all required facilities. He invited the trade and industry s representatives to visit the campus. He clarified that Jamiatur Rasheed has nothing to do with Al-Rasheed Trust.
The Chairman KATI Ehtesham Uddin said on this occasion that interest free banking is need of the hour. He pointed out that interest free banking is being practiced in Japan and a number of western countries while Pakistan s businessmen are being charged with double digit interest.
He said that at this juncture when religious institutions have forgotten modern and technical education, Jamiatur Rasheed which is imparting most modern education is an asset to the nation. He advised that like Jamiatur Rasheed other religious institutions should also impart technical and other modern education to their students.
President AKIA, Mian Zahid Hussain announced that a delegation of the industrialists would soon visit Jamiatur Rasheed. He declared Jamiatur Rasheed a blend of modern and Islamic education.
Sardar Yasin Malik advised the religious institutions to also provide technical education to their students to that they could be able to compete with other people in the field. He proposed to name Jamiatur Rasheed as Al-Rasheed University.