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SUGGESTIONS TO THE OPPOSITIONS OF ISLAMIC FINANCE

A
Aima Masood

This document contains suggestions for those opposed to Islamic banking from a student named Aima Masood. The student provides 4 key points in favor of Islamic banking: [1] Islamic banking is free from interest (riba) unlike conventional banking; [2] Islamic banking only charges rentals when a commodity is in use, unlike conventional banking; [3] Islamic banking is more transparent than conventional banking; [4] Islamic financial institutions promote equality and economic growth through various contracts and agreements. The document aims to address opposition to Islamic banking in Pakistan from a religious and economic perspective.

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Islamic Banking Final Assignment SUGGESTIONS TO THE OPPOSITIONS OFISLAMIC FINANCE Submitted to: Prof. HammadRasoolbhullar Submitted by: AimaMasood 0030 MCOM Punjab College Date: 2nd February 2013
SUGGESTIONS TO THE OPPOSITIONS OF ISLAMIC FINANCE We know that whole world is conventional based banking system and people are badly involved in this system. They are not ready to take risk on their investment they are ready to earn that interest on their investments very proudly. Pakistan is an Islamic country and being a Muslim we should be against of conventional banking system, I know it is not so that easy to implement Islamic banking over conventional banking but it is our moral responsibility to implement those rules and regulations which Shariah has told us. So following are some of the suggestions from my part to those people who are against the Islamic banking: The most and for Important thing being a Muslim is that Islamic banking is free from Riba where as Conventional Banking is interest based. First of all the Islamic banking just deals when the usage of the commodity start, at a point when it stop working the rentals on that particular commodity stops which is very different from the conventional banking system. Secondly Islamic banking is a transparent system whatever they do they tell their customers where as in conventional banking you dont even have any idea where your money is being utilized. Islamic financial institutions do investment in only those projects which is approved by shariah and in which risk is involved for loss also. Because it promotes equality in society. The Islamic financial institutions provide a wide range of facilities, contracts and agreements (mudarba, musaharka, takaful, rental based agreements etc ) which not only promote business environment but also trade , education, safety, infrastructure development in short this institution not only cover the real and financial but cover the whole economy of country for growth and welfare purpose.
SUGGESTIONS TO THE OPPOSITIONS OF ISLAMIC FINANCE

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SUGGESTIONS TO THE OPPOSITIONS OF ISLAMIC FINANCE

  • 1. Islamic Banking Final Assignment SUGGESTIONS TO THE OPPOSITIONS OFISLAMIC FINANCE Submitted to: Prof. HammadRasoolbhullar Submitted by: AimaMasood 0030 MCOM Punjab College Date: 2nd February 2013
  • 2. SUGGESTIONS TO THE OPPOSITIONS OF ISLAMIC FINANCE We know that whole world is conventional based banking system and people are badly involved in this system. They are not ready to take risk on their investment they are ready to earn that interest on their investments very proudly. Pakistan is an Islamic country and being a Muslim we should be against of conventional banking system, I know it is not so that easy to implement Islamic banking over conventional banking but it is our moral responsibility to implement those rules and regulations which Shariah has told us. So following are some of the suggestions from my part to those people who are against the Islamic banking: The most and for Important thing being a Muslim is that Islamic banking is free from Riba where as Conventional Banking is interest based. First of all the Islamic banking just deals when the usage of the commodity start, at a point when it stop working the rentals on that particular commodity stops which is very different from the conventional banking system. Secondly Islamic banking is a transparent system whatever they do they tell their customers where as in conventional banking you dont even have any idea where your money is being utilized. Islamic financial institutions do investment in only those projects which is approved by shariah and in which risk is involved for loss also. Because it promotes equality in society. The Islamic financial institutions provide a wide range of facilities, contracts and agreements (mudarba, musaharka, takaful, rental based agreements etc ) which not only promote business environment but also trade , education, safety, infrastructure development in short this institution not only cover the real and financial but cover the whole economy of country for growth and welfare purpose.