Dr. Saqib Emphasizes Replacing Interest System With Charity, Giving Soft Loans

ISLAMABAD, (UrduPoint / Pakistan Point News - 1st Nov, 2023) Chairman Akhuwat Foundation, Dr. Amjad Saqib Wednesday emphasized replacing the interest system with charity and encouraging giving soft loans and Qarz e Hasna for Islamic finance.

He was addressing the opening session of a three-day international conference on “Advancing Islamic Finance” held at Allama Iqbal Open University (AIOU).

Dr. Saqib, who is also chairperson of Benazir Income Support Programme said "We must eradicate the interest system and eliminate dishonesty, fraud, bribery, nepotism, adulteration, and corruption from our lives, to create a strong society".

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.

Speaking on the occasion, 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, and 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 the Higher education Commission and Jamia Muhammadi Sharif, Chiniot.