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Scholar: Prevailing banking system unjust, lacks social responsibility

Scholar: Prevailing banking system unjust, lacks social responsibility

ISLAMABAD: Prevailing conventional banking was unjust and exploitative due to lack of social responsibility and it has become a tool of injustice and inequality in society.

Dr. Tahir Mansoori, Vice President Higher Studies and Research, International Islamic University Islamabad (IIUI) expressed these views while presiding over a four-day training workshop on “Islamic Banking and Finance” organised by Shariah Academy on Tuesday.

The workshop was attended by more than 30 scholars, hailing from different institutions of the twin cities of Islamabad and Rawalpindi.

About Shariah compliant Islamic banking, Dr. Sohail Hassan, Director General of the Academy, said that Shariah compliant system can help check the injustice and inequalities, created by the capitalistic system.

He also elaborated vision of Allama Iqbal while criticizing the capitalistic approach and said that Islam ordains to restrain from Riba as it creates hurdles in development of people.

Dr. Shoail Hassan welcomed the participants in his opening remarks and vowed to hold such constructive programs for dissemination of Islamic teachings in various fields.

On the first day, lectures were also delivered on other topics related to the training workshop.

Abubakar Siddique’s lecture on prohibition of Riba and alternative system was lauded by the participants.