Islamic Teachings Imposes Restriction To Curb All Sorts Of Exploitation And Injustice: Speakers

Speakers at 6th International Conference on 'Islam and Liberty' said that the Islamic teachings have never forbidden markets to grow but it imposed specific restrictions to curb all sorts of exploitation and injustices.

ISLAMABAD, (UrduPoint / Pakistan Point News - 15th Nov, 2018 ) :Speakers at 6th International Conference on 'Islam and Liberty' said that the Islamic teachings have never forbidden markets to grow but it imposed specific restrictions to curb all sorts of exploitation and injustices. They said that it was need of the hour to integrate Islamic teachings in modern world to lead the Muslims and eventually present an Islamic model of economy.

The conference was started at Faisal Masjid Campus of the International Islamic University, Islamabad (IIUI) in which the academics/speakers from Pakistan and thirteen countries of the world participated, said a press release issued here Thursday.

The two-day conference with the theme "Building an Islamic Case for Open Markets" was jointly organized by the Iqbal International Institute for Research & Dialogue (IRD), International Institute of Islamic Economics (IIIE), and islam & Liberty Network (ILN) Kuala Lumpur in collaboration with the Higher education Commission, Pakistan.

Rector, IIUI, Prof. Dr. Masoom Yasinzai was the chief guest at the inaugural session of the conference, while Dr. Tahir Khalily, Vice President (Academics), IIUI, Mr. Ali Salman, Chief Executive Officer of the Islam and Liberty Network, Malaysia, Dr. Husnul Amin, Executive Director, IRD, Dr. Attiquz Zafar, Director General, IIIE of the IIUI were also present on the occasion.

Speaking on the occasion, Dr Masoom Yasinzai said that the world economy now-a-days is facing tremendous problems due to non-implementation of Islamic Fundamentals of economy. He referred to the teachings of the Holy Prophet Muhammad (Peace Be Upon Him) to eliminate Riba which was very dominant feature of economy in his age. Dr. Yasinzai deplored the world economy based on free of all rules and regulations and said that this sort of economy is making rich more rich and poor more poor which is against the just system of the Creator.

He admired the IRD, IIIE and Islam and Liberty Network for holding the conference to respond to challenges faced by the contemporary Muslim Ummah.

Ali Salman, CEO, Islam and Liberty Network (ILN) in his keynote address, said that the Muslim societies were under the grip of poor democratic practices which are very much reflective of the grim situation of the economies of the Muslim world. Islam and Liberty Network was established in 2011 in Istanbul, Turkey to assess the problems of the market economies in the Muslim world and to present solutions to get rid of all sorts of exploitation, monopolies and injustices.

Dr. Tahir Khalily, Vice President (Academics), IIUI in his speech, said that it was need of the hour to integrate Islamic teachings in modern world to lead the Muslims and eventually present an Islamic model of economy.

Dr. Husnul Amin, Executive Director of the institute spoke on the back ground of the conference and said that it aimed at creating harmony in the Muslim societies. He added that the IRD was very much instrumental in this regard. The IRD has arranged a large number of events on diverse topics in addition to publication of a galaxy of books on different topics. Latest of its publications were on narrative, counter narrative to extremism, transforming villages, governance, police corruption, gramsci, hegemony and civil society in Pakistan, interfaith dialogues, therapeutic psychology, China Pakistan Economic Corridor (CPEC), Shariah today, Mardrassa Islamic foundations of a free society and State of politics and Islam.

Dr. Ali Hassania from the Islamic Republic of Iran also spoke on "Mantiqat al-Firaq" based on a Shiite Economic Theory. He said that this theory was firstly presented by Allama Sayed Muhammad Baqir Al Sadr in his book "Our Economy". According to the theory, religion has allowed the Islamic ruler to lay down rules and regulations in certain social matters, especially in economy, taking into account the rules and according to the needs of time.

Shaykh Umar Ibrahim Vadillo, a renowned world currencies expert in his speech stressed upon the need of introduction of Gold Dinar as an alternative to Fiat Currency and Central Banking. He told the audience that the US Dollar has lost its position in the world market as there were more challenges to the very existence of the US Dollar. He added that introduction of Gold Dinar in the world economies can ensure stability in the markets. He presented examples of various countries where Gold Dinar was used as an alternate to Fiat Currency.

Dr. Noor Fatima spoke on the Role of State in Economy whereas Ms. Hina Haq spoke on Bit Coin Currency. Dr. Admir Cavalic from the Bosnia Herzegovina spoke on corporate social responsibility. He said that Islam being the religion of the nature has answered all questions of the human beings till the doomsday. It is up to the Muslims to present Islam to the world in an acceptable and befitting manner.

In the session, delegated for country studies, Jani Kinnunen of Finland, Muhammad Tauhid ul Islam of Bangladesh, Dr. Mustapha Radji of Algeria presented their country reports respectively. The session was chaired by Fatiha Talahite of France.